Comerica Bank Purchases 8,444 Shares of Rite Aid Co. (NYSE:RAD)

Comerica Bank lifted its position in shares of Rite Aid Co. (NYSE:RAD) by 12.9% in the 1st quarter, Holdings Channel reports. The fund owned 73,784 shares of the company’s stock after buying an additional 8,444 shares during the period. Comerica Bank’s holdings in Rite Aid were worth $42,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV acquired a new stake in Rite Aid in the first quarter worth about $53,000. Boenning & Scattergood Inc. lifted its holdings in Rite Aid by 124.4% in the first quarter. Boenning & Scattergood Inc. now owns 175,500 shares of the company’s stock worth $111,000 after purchasing an additional 97,300 shares during the period. World Asset Management Inc lifted its holdings in Rite Aid by 120.2% in the first quarter. World Asset Management Inc now owns 114,486 shares of the company’s stock worth $73,000 after purchasing an additional 62,505 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in Rite Aid by 4.7% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 24,451,320 shares of the company’s stock worth $17,319,000 after purchasing an additional 1,091,900 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in Rite Aid by 82.1% in the fourth quarter. Hsbc Holdings PLC now owns 1,710,548 shares of the company’s stock worth $1,211,000 after purchasing an additional 771,305 shares during the period.

RAD stock opened at $6.91 on Thursday. Rite Aid Co. has a fifty-two week low of $6.73 and a fifty-two week high of $42.40. The company has a debt-to-equity ratio of 2.93, a quick ratio of 0.91 and a current ratio of 1.68.

Rite Aid (NYSE:RAD) last posted its quarterly earnings data on Thursday, April 11th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.40. Rite Aid had a negative net margin of 1.95% and a negative return on equity of 1.21%. The business had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the company posted ($0.20) earnings per share. On average, research analysts anticipate that Rite Aid Co. will post 0.27 EPS for the current fiscal year.

Several research firms recently weighed in on RAD. Guggenheim reaffirmed a “sell” rating on shares of Rite Aid in a report on Thursday, April 18th. Zacks Investment Research downgraded shares of Rite Aid from a “buy” rating to a “hold” rating in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $38.33.

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

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