Alpine Associates Management Inc. Takes Position in Rite Aid Co. (RAD)

Alpine Associates Management Inc. bought a new position in shares of Rite Aid Co. (NYSE:RAD) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 10,011,800 shares of the company’s stock, valued at approximately $16,818,000. Rite Aid makes up 0.6% of Alpine Associates Management Inc.’s portfolio, making the stock its 26th largest position. Alpine Associates Management Inc. owned about 0.94% of Rite Aid as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC bought a new stake in shares of Rite Aid in the 4th quarter valued at about $101,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Rite Aid in the 1st quarter valued at about $134,000. Brave Asset Management Inc. boosted its holdings in shares of Rite Aid by 52.4% in the 4th quarter. Brave Asset Management Inc. now owns 80,000 shares of the company’s stock valued at $158,000 after buying an additional 27,500 shares in the last quarter. Parametrica Management Ltd bought a new stake in shares of Rite Aid in the 4th quarter valued at about $182,000. Finally, Xact Kapitalforvaltning AB bought a new stake in shares of Rite Aid in the 4th quarter valued at about $195,000. Institutional investors and hedge funds own 50.60% of the company’s stock.

Rite Aid traded up $0.07, reaching $1.77, during trading on Thursday, according to Marketbeat.com. 15,087,125 shares of the company’s stock were exchanged, compared to its average volume of 19,667,459. Rite Aid Co. has a 1 year low of $1.38 and a 1 year high of $4.21. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 2.11. The firm has a market capitalization of $1.86 billion, a PE ratio of -88.50 and a beta of 1.69.

Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, April 12th. The company reported ($0.01) earnings per share (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 during the quarter, compared to analyst estimates of $5.75 billion. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. analysts predict that Rite Aid Co. will post 0.04 EPS for the current fiscal year.

A number of analysts recently commented on the stock. Mizuho reiterated a “hold” rating on shares of Rite Aid in a research note on Tuesday, April 17th. Zacks Investment Research cut shares of Rite Aid from a “buy” rating to a “hold” rating in a research note on Friday, April 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $2.33.

Rite Aid Company 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.

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

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