Rite Aid Co. (NYSE:RAD) Expected to Announce Quarterly Sales of $6.38 Billion

Wall Street brokerages forecast that Rite Aid Co. (NYSE:RAD) will report $6.38 billion in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Rite Aid’s earnings, with the highest sales estimate coming in at $6.45 billion and the lowest estimate coming in at $6.31 billion. Rite Aid reported sales of $6.12 billion during the same quarter last year, which would suggest a positive year over year growth rate of 4.2%. The company is expected to announce its next quarterly earnings results on Thursday, December 16th.

On average, analysts expect that Rite Aid will report full-year sales of $25.15 billion for the current fiscal year, with estimates ranging from $25.13 billion to $25.17 billion. For the next year, analysts expect that the business will post sales of $25.71 billion, with estimates ranging from $25.47 billion to $25.95 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Rite Aid.

Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Wednesday, September 22nd. The company reported ($0.41) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.48) by $0.07. Rite Aid had a negative net margin of 0.17% and a positive return on equity of 2.35%. The business had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business posted $0.25 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis.

RAD has been the subject of a number of analyst reports. Evercore ISI initiated coverage on shares of Rite Aid in a research note on Friday, September 24th. They set a “sell” rating and a $11.00 target price for the company. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Rite Aid from $27.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, June 22nd. JPMorgan Chase & Co. lowered shares of Rite Aid from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $21.00 to $12.00 in a research note on Friday, June 25th. TheStreet lowered shares of Rite Aid from a “c-” rating to a “d+” rating in a research note on Wednesday, July 21st. Finally, Zacks Investment Research raised shares of Rite Aid from a “sell” rating to a “hold” rating and set a $18.00 target price for the company in a research note on Tuesday, August 24th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.75.

In other Rite Aid news, VP Jocelyn Z. Konrad sold 28,384 shares of the business’s stock in a transaction dated Thursday, July 29th. The shares were sold at an average price of $15.42, for a total transaction of $437,681.28. Following the sale, the vice president now directly owns 95,065 shares in the company, valued at approximately $1,465,902.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.26% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BDO Wealth Advisors LLC bought a new stake in shares of Rite Aid in the 1st quarter worth approximately $31,000. Advisory Services Network LLC acquired a new stake in shares of Rite Aid during the second quarter valued at approximately $33,000. Maverick Capital Ltd. acquired a new stake in shares of Rite Aid during the second quarter valued at approximately $36,000. Federated Hermes Inc. raised its holdings in shares of Rite Aid by 300.2% during the first quarter. Federated Hermes Inc. now owns 4,246 shares of the company’s stock valued at $86,000 after acquiring an additional 3,185 shares during the period. Finally, Captrust Financial Advisors raised its holdings in shares of Rite Aid by 20.8% during the first quarter. Captrust Financial Advisors now owns 4,594 shares of the company’s stock valued at $94,000 after acquiring an additional 792 shares during the period. Institutional investors and hedge funds own 56.03% of the company’s stock.

Shares of NYSE RAD traded up $0.34 during midday trading on Friday, hitting $14.42. The company’s stock had a trading volume of 79,229 shares, compared to its average volume of 2,280,657. Rite Aid has a 1-year low of $8.85 and a 1-year high of $32.48. The firm’s fifty day moving average price is $15.87 and its 200-day moving average price is $17.28. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.67 and a current ratio of 1.35. The firm has a market cap of $804.22 million, a P/E ratio of -18.77 and a beta of 0.86.

About Rite Aid

Rite Aid Corp. engages in the ownership and management of retail drug stores. It operates through following segments: Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment includes branded and generic prescription drugs, health and beauty aids, personal care products, and walk-in retail clinics.

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