P Schoenfeld Asset Management Lp Lowers stake in Rite Aid Corporation (RAD)

Rite Aid Corporation (RAD) : P Schoenfeld Asset Management Lp reduced its stake in Rite Aid Corporation by 18.87% during the most recent quarter end. The investment management company now holds a total of 1,000,000 shares of Rite Aid Corporation which is valued at $7,550,000 after selling 232,564 shares in Rite Aid Corporation , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Rite Aid Corporation makes up approximately 1.05% of P Schoenfeld Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Pioneer Investment Management Inc reduced its stake in RAD by selling 1,479 shares or 0.16% in the most recent quarter. The Hedge Fund company now holds 919,826 shares of RAD which is valued at $6,944,686. Rite Aid Corporation makes up approx 0.02% of Pioneer Investment Management Inc’s portfolio.

Rite Aid Corporation opened for trading at $7.74 and hit $7.785 on the upside on Friday, eventually ending the session at $7.75, with a gain of 0.39% or 0.03 points. The heightened volatility saw the trading volume jump to 1,23,63,260 shares. Company has a market cap of $8,129 M.

On the company’s financial health, Rite Aid Corporation reported $0.01 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Jun 16, 2016. Analyst had a consensus of $0.04. The company had revenue of $8184.20 million for the quarter, compared to analysts expectations of $8200.56 million. The company’s revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS.

Rite Aid Corporation is a retail drugstore chain. The Company sells prescription drugs and a range of other merchandise which are referred to as front-end products. The Company’s drugstores’ primary business is pharmacy services. It operates approximately 4570 stores in 31 states across the country and in the District of Columbia. Its front-end products include over-the-counter medications health and beauty aids personal care items cosmetics household items food and beverages greeting cards seasonal merchandise and various other every day and convenience products. The Company offers a range of products through its portfolio of private brands. Its classes of products include prescription drugs over-the-counter medications and personal care health and beauty aids and general merchandise and other. It sells private brand and co-branded products. It operates under The Rite Aid name.

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