Schwab Charles Investment Management Inc. Grows Stake in Rite Aid Co. (RAD)

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Schwab Charles Investment Management Inc. lifted its stake in shares of Rite Aid Co. (NYSE:RAD) by 14.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,511,417 shares of the company’s stock after purchasing an additional 575,281 shares during the period. Schwab Charles Investment Management Inc. owned about 0.42% of Rite Aid worth $7,580,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in RAD. OppenheimerFunds Inc. boosted its position in Rite Aid by 131.0% during the fourth quarter. OppenheimerFunds Inc. now owns 52,907,179 shares of the company’s stock worth $104,227,000 after acquiring an additional 30,008,199 shares during the last quarter. Franklin Resources Inc. boosted its position in Rite Aid by 0.3% during the fourth quarter. Franklin Resources Inc. now owns 42,097,200 shares of the company’s stock worth $82,932,000 after acquiring an additional 117,105 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in 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 worth $32,421,000 after acquiring an additional 2,900,000 shares during the last quarter. California Public Employees Retirement System boosted its position in Rite Aid by 46.4% during the fourth quarter. California Public Employees Retirement System now owns 4,824,825 shares of the company’s stock worth $9,505,000 after acquiring an additional 1,528,578 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Rite Aid by 22.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,102,046 shares of the company’s stock worth $8,080,000 after acquiring an additional 758,053 shares during the last quarter. 50.70% of the stock is owned by institutional investors and hedge funds.

Rite Aid opened at $1.90 on Tuesday, Marketbeat reports. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.85 and a current ratio of 1.37. Rite Aid Co. has a 1-year low of $1.38 and a 1-year high of $4.21.

Rite Aid (NYSE:RAD) last posted its earnings results on Thursday, April 12th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. The company had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.75 billion. Rite Aid had a net margin of 3.60% and a negative return on equity of 8.25%. The firm’s revenue was down 8.6% compared to the same quarter last year. analysts predict that Rite Aid Co. will post 0.04 earnings per share for the current year.

A number of equities analysts recently weighed in on the stock. Mizuho restated a “hold” rating on shares of Rite Aid in a research report on Tuesday, April 17th. Zacks Investment Research lowered shares of Rite Aid from a “buy” rating to a “hold” rating in a research report on Friday, April 13th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $2.33.

About Rite Aid

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

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Institutional Ownership by Quarter for Rite Aid (NYSE:RAD)

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