An issue of Rite Aid Co. (NYSE:RAD) bonds rose 2.5% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 7.7% coupon and will mature on February 15, 2027. The debt is now trading at $92.13 and was trading at $87.81 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its stock price.
RAD has been the subject of several recent analyst reports. Zacks Investment Research upgraded Rite Aid from a “sell” rating to a “hold” rating in a research note on Friday, November 17th. Deutsche Bank initiated coverage on Rite Aid in a research note on Monday, December 4th. They set a “hold” rating and a $2.25 price target for the company. Evercore ISI assumed coverage on Rite Aid in a research note on Thursday, January 4th. They set an “underperform” rating and a $1.50 price target for the company. Finally, Vetr downgraded Rite Aid from a “strong-buy” rating to a “buy” rating and set a $2.47 target price for the company. in a research note on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $2.75.
Shares of Rite Aid Co. (NYSE:RAD) opened at $2.09 on Friday. Rite Aid Co. has a 52 week low of $1.38 and a 52 week high of $6.04. The company has a debt-to-equity ratio of 3.66, a current ratio of 0.86 and a quick ratio of 0.59.
A number of large investors have recently made changes to their positions in RAD. Advisor Group Inc. boosted its stake in Rite Aid by 49.8% during the 2nd quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after purchasing an additional 12,140 shares during the period. Dimensional Fund Advisors LP boosted its stake in Rite Aid by 0.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,772,210 shares of the company’s stock valued at $8,177,000 after purchasing an additional 11,385 shares during the period. Verition Fund Management LLC bought a new stake in Rite Aid during the 2nd quarter valued at approximately $120,000. First Trust Advisors LP bought a new stake in Rite Aid during the 3rd quarter valued at approximately $5,050,000. Finally, Clear Harbor Asset Management LLC boosted its stake in Rite Aid by 67.8% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 145,000 shares of the company’s stock valued at $284,000 after purchasing an additional 58,600 shares during the period. Hedge funds and other institutional investors own 51.68% of the company’s stock.
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Rite Aid Company Profile
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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