Grocery store chain Albertsons, drugstore Rite Aid unveil tie-up

Rite Aid

Willy Churchill leaves a Rite Aid store in Oakland

Diversified Strategies Lc invested in 443,377 shares. Albertsons previously weighed an initial public offering but shelved the plan previous year after Amazon acquired supermarket company Whole Foods, several media organizations reported. Sumitomo Mitsui Asset invested in 11,684 shares or 0.01% of the stock. Northwestern Mutual Wealth Mngmt reported 2,743 shares. Pointstate LP holds 0.01% or 350,000 shares in its portfolio. 93,000 are owned by Atlas Browninc.

The investigation concerns whether the Rite Aid board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Rite Aid shares of common stock. After the deal closes, Albertsons shareholders will own 70.4%-72% of the business. SELL rating has been given by 0 analyst (s) and 0 analyst (s) given BUY rating to the stock.

Since October 3, 2017, it had 0 insider buys, and 1 insider sale for $58,915 activity.

Rite Aid's shares, which initially surged by as much as 25 percent premarket on Tuesday, were trading up 2.3 percent at US$2.18 in afternoon trading.

The company's stock is now moving with a -ve distance from the 200 day SMA of approximately -11.14%, and has a solid year to date (YTD) performance of 8.12% which means that the stock is constantly adding to its value from the previous fiscal year end price. About 9.44M shares traded. 20,000 were reported by Icm Asset Mngmt Wa. The stock of Rite Aid Corporation (NYSE:RAD) has "Neutral" rating given on Thursday, July 20 by Mizuho.

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However out of 8 analysts 0 suggest Rite Aid Corp (NYSE:RAD) a Strong Buy, 1 suggested Buy, 7 Hold and 1 Sell, while 0 analysts recommend the stock a Strong Sell. Therefore 14% are positive. Rite Aid Co. has a 12 month low of $1.38 and a 12 month high of $6.15. $4.79's average target is 122.79% above currents $2.15 stock price.

When its deal with Walgreens was initially announced, Rite Aid figured it would have to sell about 500 stores to get regulatory approval, but that proved to be overly optimistic, as we reported last June. The firm has "Buy" rating given on Friday, August 14 by Vetr. Considering more than 13.8% of RAD stock's float is now sold short, it's possible some of the activity at these out-of-the-money calls is a result of shorts initiating an options hedge against any unexpected upside risk.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our daily email newsletter. Keefe Bruyette & Woods maintained the stock with "Hold" rating in Monday, December 4 report. As per Friday, November 13, the company rating was downgraded by JP Morgan. "It will also expand Rite Aid's e-commerce offerings given Albertsons' progress in that realm, said Mr. Standley", asserting "there is a ton of potential here", Haddon continues.

In the latest development, Rite Aid has merged with grocery chain Albertsons to create a retail hub for food, health and wellness. (NYSE:KIM) confirms its participation as an investor in connection with today's announced execution of a definitive agreement under which Albertsons Companies ("Albertsons") will acquire all outstanding shares of Rite Aid Corporation (NYSE: RAD). They settled on the smaller, $4.4 billion deal for more than 1,900 stores and three distribution centers instead. Ativo Capital Management Llc who had been investing in Credicorp Ltd for a number of months, seems to be less bullish one the $17.41 billion market cap company.

The deal comes at a time when retailers and pharmacy operators are looking for solutions in an increasingly digital world.

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