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Rite Aid Shares Given Boost as Albertsons Eyes Chain
22 February 2018, 12:57 | Vickie Mathis
Grocery store chain Albertsons, drugstore Rite Aid unveil tie-up
The shares now trade at $25.97 and have been able to report a change of 15.83% over the past one week.
Strong omnichannel capabilities. The two companies' expanding omnichannel platform will provide customers with convenience, choice, and flexibility through multiple in-store formats, digital channels, and same-day food and prescription delivery options from stores and via Drive Up & Go.
Several hedge funds have recently made changes to their positions in RAD. SELL rating has been given by 0 analyst (s) and 0 analyst (s) given BUY rating to the stock.
According toRite Aid spokesperson Ashley Flower, two Genesee Street locations - 47 E. Genesee St. and 314 Genesee St. - have been purchased by Walgreens Boots Alliance, which reached a deal to buy almost 2,000 Rite Aid locations last September. Notably, Rite Aid has delivered negative sales surprise in four of the trailing six quarters due to soft comps as well as decline in revenues at key business segments.
If we look at the past company's performance moves, then it recent movement are telling different stories about price movement in different time period. The companies settled on the smaller deal instead. Rite Aid's shareholders will own between 28% and 29.6% of the combined company. They issued an "underperform" rating and a $1.50 price target for the company. The price of RAD is now at a 2.9% to its one-year price target of 2.07. Rite Aid has $11 highest and $1.5 lowest target. The stock traded within a range of $2.08 and $2.13. When we divide the last trade volume by the 3-month average volume, we found out a relative volume of 5.83. The company has a current ratio of 0.86, a quick ratio of 0.59 and a debt-to-equity ratio of 3.66. The company has a market cap of $2,350.00, a P/E ratio of 20.00 and a beta of 1.76. Harbor Advisors LLC lifted its position in Rite Aid by 300.0% in the third quarter. "Its peers, CVS Health and Walgreens, have pursued deals of their own of late, each looking to acquire businesses in the health-care industry", writes Lauren Thomas for CNBC.com.
ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Enterprise Leader and is the sole property of of Enterprise Leader. If you are accessing this article on another domain, it was stolen and reposted in violation of global copyright & trademark law. Rite Aid has struggled against stronger competitors, and it's not clear how the grocery retailer might improve its fortunes.
CVS and Aetna were also said by some analysts to be acting defensively, as the healthcare market gets more competitive and new entrants make a play for products and services.
"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. (Albertsons has about 2% of the prescription market.) Albertsons executives said on a conference call in the morning that pharmacy customers spend more than twice as much on groceries per week as the average customer, and Rite Aid's name could bring in new shoppers. "We have always put our customers first, and our combination with Rite Aid will enable us to even better serve the valuable pharmacy customer by providing a fully integrated one-stop-shop for our customers' food, health, and wellness needs".
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