Rite Aid, Albertsons plan $24B merger
- Author: Eleanor Harrison Feb 21, 2018,
Feb 21, 2018, 4:21
"I have long known the excellent management team at Rite Aid, and we share a singular focus on superior customer service and a clear vision and strategy to become the favorite local supermarket and pharmacy to shoppers in every neighborhood we serve". State Board Of Administration Of Florida Retirement Systems accumulated 1.45 million shares or 0.01% of the stock. Aperio Ltd Liability Company owns 191,974 shares. It increased, as 57 investors sold RAD shares while 77 reduced holdings. Trust Company Of Vermont holds 0% or 9,000 shares in its portfolio. Bb&T Secs Ltd holds 0% or 10,800 shares. 3,676 are owned by Atlas Browninc. Walgreens bought nearly 2,000 Rite Aid locations, mostly in the South and Northeast. Investors Asset Management Of Georgia Inc Ga Adv invested in 0.34% or 232,250 shares. Morgan Stanley, a New York-based fund reported 2.44 million shares. Moreover, Bluefin Trading Ltd Co has 0.02% invested in Rite Aid Corporation (NYSE:RAD). The shares recently went up by 2.40% or $0.05 and now trades at $2.13. The target implies a 21.38% spike from where the shares are now trading. The stock of Rite Aid Corporation (NYSE:RAD) has "Neutral" rating given on Wednesday, April 26 by Guggenheim. The stock had opened the regular trading at $2.08 and managed a 2.4% price change to reach $2.13 through the close.
USA grocery chain operator Albertsons Companies Inc. plans to buy the part of Rite Aid Corp. that is not being bought by Walgreens Boots Alliance Inc., the Wall Street Journal reported on Tuesday. Therefore 14% are positive. "The combined platform positions Rite Aid to capitalize on our pharmacy expertise and expand and enhance our pharmacy footprint".
Rite Aid Corporation (NYSE:RAD) received a Buy rating from 0 analysts. Albertsons shareholders will own 70.4% to 72% of the combined company on a diluted basis, and Rite Aid shareholders will own 28% to 29.6%. The firm earned "Hold" rating on Tuesday, September 5 by RBC Capital Markets. Vetr lowered Rite Aid from a "strong-buy" rating to a "buy" rating and set a $2.47 target price on the stock.in a research report on Thursday, January 11th. They issued an "underperform" rating and a $1.50 price target for the company. $304,962 worth of American Express Company (NYSE:AXP) was sold by Zukauckas Linda on Friday, October 27. On Thursday, August 13 the stock rating was initiated by Bank of America with "Buy".
Rite Aid Corporation (RAD) has been given an average price target of $2.07 from analysts, according to data collected by Finviz.
Rite Aid Corporation (RAD) is expected to post revenue of $5.31 Billion in the current quarter, according to consensus of 5 analysts. The company has market cap of $4.12 billion.
The combined company will still be dwarfed pharmacy-wise by rivals CVS Health Corp. and Walgreens Boots Alliance Inc.
Generally, shareholders love stocks with a low price-to-earnings (P/E) ratio. Retailers are looking to pharmacies to take advantage of the frequency with which people buy OTC and prescription drugs.
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