DORCHESTER WEALTH MANAGEMENT Co Has $295,000 Position in Rite Aid Corporation (NYSE:RAD)

DORCHESTER WEALTH MANAGEMENT Co continued to hold its position in shares of Rite Aid Corporation (NYSE:RAD) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,000 shares of the company’s stock at the end of the second quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Rite Aid Corporation were worth $295,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Comerica Bank acquired a new position in shares of Rite Aid Corporation during the fourth quarter worth about $354,000. GSA Capital Partners LLP raised its position in shares of Rite Aid Corporation by 8.5% in the fourth quarter. GSA Capital Partners LLP now owns 21,801 shares of the company’s stock worth $180,000 after buying an additional 1,703 shares during the last quarter. Hudson Bay Capital Management LP raised its position in shares of Rite Aid Corporation by 14.3% in the fourth quarter. Hudson Bay Capital Management LP now owns 400,000 shares of the company’s stock worth $3,296,000 after buying an additional 50,000 shares during the last quarter. Canal Insurance CO raised its position in shares of Rite Aid Corporation by 50.0% in the fourth quarter. Canal Insurance CO now owns 300,000 shares of the company’s stock worth $2,472,000 after buying an additional 100,000 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of Rite Aid Corporation during the fourth quarter worth about $1,030,000. 54.77% of the stock is currently owned by institutional investors.

Rite Aid Corporation (RAD) traded down 0.45% during midday trading on Friday, hitting $2.22. The company had a trading volume of 13,670,032 shares. The company’s market cap is $2.32 billion. Rite Aid Corporation has a one year low of $2.21 and a one year high of $8.77. The company’s 50 day moving average is $2.39 and its 200-day moving average is $3.88.

Rite Aid Corporation (NYSE:RAD) last posted its earnings results on Thursday, June 29th. The company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.04. The company had revenue of $7.78 billion for the quarter, compared to the consensus estimate of $8.29 billion. Rite Aid Corporation had a positive return on equity of 0.52% and a negative net margin of 0.21%. Rite Aid Corporation’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.02 EPS. On average, equities analysts predict that Rite Aid Corporation will post ($0.09) EPS for the current year.

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RAD has been the topic of a number of recent analyst reports. Guggenheim lowered Rite Aid Corporation from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Zacks Investment Research raised Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 16th. Cowen and Company reissued an “outperform” rating and set a $4.70 price target on shares of Rite Aid Corporation in a research report on Monday, June 12th. Evercore ISI initiated coverage on Rite Aid Corporation in a research report on Friday, June 30th. They set an “underperform” rating and a $2.50 price target on the stock. Finally, Bank of America Corporation reissued an “underperform” rating and set a $2.00 price target on shares of Rite Aid Corporation in a research report on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $4.53.

Rite Aid Corporation 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.

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

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