Rite Aid (RAD) Bonds Trading 0.8% Lower

An issue of Rite Aid (NYSE:RAD) debt fell 0.8% against its face value during trading on Monday. The debt issue has a 6.125% coupon and is set to mature on April 1, 2023. The debt is now trading at $101.50 and was trading at $101.50 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

A number of research firms recently issued reports on RAD. Mizuho reissued a “hold” rating on shares of Rite Aid in a report on Tuesday. Zacks Investment Research raised shares of Rite Aid from a “sell” rating to a “hold” rating in a report on Monday, February 5th. Evercore ISI assumed coverage on shares of Rite Aid in a research note on Thursday, January 4th. They set an “underperform” rating and a $1.50 target price on the stock. Finally, Vetr upgraded shares of Rite Aid from a “buy” rating to a “strong-buy” rating and set a $2.54 target price on the stock in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $2.33.

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NYSE RAD opened at $1.71 on Wednesday. Rite Aid has a 12 month low of $1.38 and a 12 month high of $4.57. The company has a market cap of $1,825.68, a price-to-earnings ratio of -85.50 and a beta of 1.80. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 2.11.

Rite Aid (NYSE:RAD) last released its earnings results on Thursday, April 12th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. Rite Aid had a net margin of 3.60% and a negative return on equity of 8.25%. The company had revenue of $5.39 billion for the quarter, compared to analysts’ expectations of $5.75 billion. The business’s revenue was down 8.6% on a year-over-year basis. analysts expect that Rite Aid will post 0.04 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OppenheimerFunds Inc. raised its position in shares of Rite Aid by 131.0% during the fourth quarter. OppenheimerFunds Inc. now owns 52,907,179 shares of the company’s stock valued at $104,227,000 after buying an additional 30,008,199 shares during the last quarter. Element Capital Management LLC bought a new stake in shares of Rite Aid during the fourth quarter valued at approximately $7,170,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in shares of Rite Aid by 21.4% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 16,457,300 shares of the company’s stock valued at $32,421,000 after buying an additional 2,900,000 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Rite Aid by 71.2% during the third quarter. Dimensional Fund Advisors LP now owns 4,745,233 shares of the company’s stock valued at $9,302,000 after buying an additional 1,973,023 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Rite Aid by 173.1% during the fourth quarter. SG Americas Securities LLC now owns 758,070 shares of the company’s stock valued at $1,493,000 after buying an additional 1,794,516 shares during the last quarter. Institutional investors own 47.46% of the company’s stock.

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Rite Aid Company Profile

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company operates through Retail Pharmacy and Pharmacy Services segments. The Retail Pharmacy segment sells prescription drugs; and a range of other merchandise, such as over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other everyday and convenience products.

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