Albertsons to buy part of Rite Aid that isn't going to Walgreens

23 February, 2018, 02:02 | Author: Elaine Woods
  • A Rite Aid logo is seen outside one of their stores in New York

(NYSE:RAD) by 1,674.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC.

Consumer stocks were broadly lower today, with shares of consumer staples companies in the S&P 500 sinking over 2.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were falling almost 0.4%.

Rite Aid Corp (NYSE:RAD) has grabbed attention from the analysts, when it saw a value increase of 3.29% or 0.07 points in the last trading session to close at $2.2. Two local Rite Aids - one at 507 Amherst St.in Winchester, and the other at 410 Fairfax Pike (Va. 277) in Stephens City - became part of Walgreens in that partial buyout. Trust Company Of Vermont holds 0% or 9,000 shares in its portfolio.

Rite Aid shares were up 7% at 2.28 in morning trade on the stock market today. Harbor Advisors LLC boosted its position in shares of Rite Aid by 300.0% during the third quarter. Most Albertsons company pharmacies will be rebranded with the Rite Aid name. LPL Financial LLC now owns 154,943 shares of the company's stock worth $305,000 after acquiring an additional 69,191 shares during the period.

Analysts often look at short interest, or the number of shares now being shorted by investors, to aid in their outlook for a particular stock. (NYSE RAD) opened at $2.13 on Tuesday. He said no acquisitions of Maryland Rite Aids would be finalized until next month. The company has a quick ratio of 0.59, a current ratio of 0.86 and a debt-to-equity ratio of 3.66. Evercore ISI assumed coverage on shares of Rite Aid in a research note on Thursday, January 4th. They issued an "underperform" rating and a $1.50 price objective for the company.

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"Rite Aid and Albertsons will work together to ensure a smooth transition as the companies integrate, working hard to maintain customer and patient trust every step of the way", she said.

Rite Aid Corporation (RAD) surprised the stock market in its last reported earnings when it earned 0 a piece versus the consensus-estimated -$0.02. The stock tapped a 52-week high of US$6.15 while the mean 12-month price target for the shares is US$2.07.

TRADEMARK VIOLATION WARNING: This piece was first published by The Lincolnian Online and is the property of of The Lincolnian Online. If you are accessing this piece of content on another domain, it was copied illegally and reposted in violation of United States and global copyright and trademark legislation. The legal version of this piece can be accessed at https://www.thelincolnianonline.com/2018/02/21/rite-aid-co-rad-short-interest-update-updated.html. The firm operates through Retail Pharmacy and Pharmacy Services divisions.

But the proposed deal with Albertsons would suddenly make Rite Aid a lot larger.

Albertsons Cos., parent company of supermarkets Albertsons, Safeway, Jewel-Osco and Acme, has reached a definitive merger agreement with Rite Aid to create a combined company that could generate as much as $83 billion in 2018 revenue. But it also shrank Rite Aid so dramatically at a time the pharmacy industry is only getting more competitive, giving large companies more clout to negotiate with drugmakers and other suppliers.

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