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23 February 2018, 02:00 | Cedric Leonard
Michael Brown Getty Images File Alberstons Cos. owners of Shaw’s and Star Markets in the Boston area says it will buy Rite Aid Corp
Sequoia Financial Advisors LLC purchased a new position in shares of Rite Aid during the fourth quarter worth $101,000. However, the company updated its amended public offering filing with the Securities and Exchange Commission in November. During the past three months the stock gain 42.86%, bringing six months performance to -0.9%.
Albertsons and Rite Aid plan to merge, with Rite Aid top executive John Standley as CEO and Albertsons chairman and CEO Bob Miller as chairman. The company's institutional ownership is monitored at 0 percent. And Albertsons, which will rebrand its pharmacies at its hundreds of stores as Rite Aid, could turn that chain's PBM unit into a bigger player and a platform for the future. It improved, as 57 investors sold Rite Aid Corporation shares while 77 reduced holdings. Its last month's stock price volatility remained 3.41% which for the week stands at 4.15%.
The majority of Albertsons' pharmacies will be rebranded as Rite Aid.
Grocery chain Albertsons and drug retailer Rite Aid have agreed to a merger, greatly expanding the footprint of the struggling pharmacy chain. The company has a current ratio of 0.86, a quick ratio of 0.59 and a debt-to-equity ratio of 3.66.
Rite-Aid has worked to recover from an accounting scandal and lackluster earnings. Wall Street is only getting neutral on the stock, with 1 of analysts who cover RAD having a buy-equivalent rating.
Among new and sold out positions, 61 holders initiated new positions by a total of 11.77 million shares and 45 holders exited their positions by a total of 36.73 million shares. Evercore ISI assumed coverage on Rite Aid in a research note on Thursday, January 4th.
And they're not the only companies trying to stay above water. Finally, Royal Bank of Canada set a $2.00 price objective on Rite Aid and gave the company a "hold" rating in a report on Wednesday, October 25th.
When it comes to the Analysis of a Stock, Price Target plays a vital role. The forecast of 7 surveyed investment analysts covering the stock advises investors to Buy stake in the company. Rite Aid now has a consensus rating of "Hold" and a consensus target price of $2.75.
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Rite Aid Corporation is a retail drugstore chain. The firm operates through Retail Pharmacy and Pharmacy Services divisions.
The deal is aimed at sparking Rite Aid's expansion as the company competes with retailing giant Amazon, which is eyeing a potential entry into health care, as well as Walmart.
The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C. Pictured above is a Rite Aid location in Beaverton, Ore.
Alby's purchase puts the companies' joint valuation at $24B, with 4.9k stores and 4.3k pharmacies across the U.S. - plus a new, yet-to-be-announced name for the partnership.
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