Cumberland Advisors Inc. boosted its holdings in shares of Rite Aid Co. (NYSE:RAD) by 24.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 923,000 shares of the company’s stock after acquiring an additional 180,000 shares during the quarter. Cumberland Advisors Inc. owned 0.09% of Rite Aid worth $586,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of RAD. Virtu Financial LLC raised its holdings in shares of Rite Aid by 194.2% in the fourth quarter. Virtu Financial LLC now owns 322,423 shares of the company’s stock valued at $228,000 after purchasing an additional 212,839 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Rite Aid by 26.8% in the second quarter. Bank of New York Mellon Corp now owns 5,522,163 shares of the company’s stock valued at $9,553,000 after acquiring an additional 1,168,099 shares during the period. FMR LLC raised its stake in Rite Aid by 7.6% in the third quarter. FMR LLC now owns 2,706,371 shares of the company’s stock valued at $3,464,000 after purchasing an additional 191,500 shares in the last quarter. Allred Capital Management LLC purchased a new stake in Rite Aid in the fourth quarter valued at approximately $31,000. Finally, MetLife Investment Advisors LLC raised its stake in Rite Aid by 53.5% in the third quarter. MetLife Investment Advisors LLC now owns 740,540 shares of the company’s stock valued at $948,000 after purchasing an additional 258,006 shares in the last quarter. 45.76% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on RAD. Zacks Investment Research downgraded shares of Rite Aid from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Loop Capital decreased their target price on shares of Rite Aid from $1.35 to $1.00 and set a “hold” rating on the stock in a research note on Thursday, December 20th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $1.92.
Rite Aid’s stock is scheduled to reverse split before the market opens on Monday, April 22nd. The 1-20 reverse split was announced on Wednesday, April 10th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 19th.
Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, April 11th. The company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. Rite Aid had a negative return on equity of 1.21% and a negative net margin of 1.95%. The business had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same period in the prior year, the company posted ($0.01) EPS. On average, equities analysts predict that Rite Aid Co. will post 0.01 EPS for the current fiscal year.
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Rite Aid Profile
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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