They could also opt to get 1.079 shares of Albertsons stock for every 10 shares of Rite Aid they own. The majority of the grocery chain's pharmacies will be rebranded as Rite Aid, and the acquired stand-alone stores will remain under its familiar banner.
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Walgreen and Rite Aid had planned a complete merger, but the federal government blocked that plan on antitrust grounds. Immediately following completion of the merger and assuming that all Rite Aid shareholders elect to receive shares plus cash, Albertsons will have approximately 392.9 million shares outstanding on a pro forma and fully diluted basis. 513.41 million shares or 4.79% less from 539.25 million shares in 2017Q2 were reported. The Highfields Capital Management Lp holds 47.00M shares with $92.12M value, up from 22.00 million last quarter.
People walk past a Rite Aid store in Chelsea, New York on January 8, 2018 in New York. 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. Rite Aid has a 12-month low of $1.38 and a 12-month high of $6.04. The company has a quick ratio of 0.59, a current ratio of 0.86 and a debt-to-equity ratio of 3.66. The company's forward price to earnings ratio for next fiscal year is 78.57. They issued an "underperform" rating and a $1.50 price objective for the company. Rite Aid had 24 analyst reports since August 6, 2015 according to SRatingsIntel. Finally, Deutsche Bank assumed coverage on Rite Aid in a research note on Monday, December 4th. The stock presently has an average rating of "Hold" and a consensus price target of $2.75. The forecast of 7 surveyed investment analysts covering the stock advises investors to Buy stake in the company. The stock had opened the regular trading at $2.08 and managed a 2.4% price change to reach $2.13 through the close.
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 story on another domain, it was illegally stolen and reposted in violation of United States & global trademark & copyright law. The original version of this piece of content can be viewed at https://www.equitiesfocus.com/2018/02/20/cetera-advisor-networks-llc-buys-256960-shares-of-rite-aid-co-rad.html. Rite Aid Corporation (NYSE:RAD) has declined 55.18% since February 21, 2017 and is downtrending. The Company's segments include Retail Pharmacy and Pharmacy Services.
Then, on Tuesday, the deal between Rite Aid and Albertsons was announced.
In what may seem to be strategic move in response to the rapidly changing dynamics of the consumer shopping landscape, the USA supermarket operator Albertsons, recently announced that it would buy the drug store Rite Aid Corp, apparently to give itself more clout to compete against the big shots. It will do that by exchanging shares of Rite Aid Stock for Albertsons stock. Dimensional Fund Advsrs LP invested 0% in Rite Aid Corporation (NYSE:RAD).