Massachusetts Financial Services Co. MA purchased a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 77,467 shares of the real estate investment trust's stock, valued at approximately $2,391,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of CareTrust REIT by 15.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust's stock valued at $51,626,000 after purchasing an additional 281,120 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in CareTrust REIT by 5.2% in the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust's stock worth $25,870,000 after buying an additional 41,623 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in CareTrust REIT by 7.2% in the 3rd quarter. Victory Capital Management Inc. now owns 835,506 shares of the real estate investment trust's stock worth $25,784,000 after buying an additional 56,015 shares during the last quarter. Raymond James & Associates boosted its holdings in CareTrust REIT by 10.6% in the 3rd quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust's stock worth $21,138,000 after buying an additional 65,756 shares during the last quarter. Finally, Tributary Capital Management LLC boosted its holdings in CareTrust REIT by 21.4% in the 3rd quarter. Tributary Capital Management LLC now owns 537,726 shares of the real estate investment trust's stock worth $16,594,000 after buying an additional 94,755 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.
Several research firms recently issued reports on CTRE. Wells Fargo & Company upgraded CareTrust REIT from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. KeyCorp lifted their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an "overweight" rating in a report on Monday, October 7th. BMO Capital Markets lifted their price objective on CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a report on Monday, October 7th. Finally, Royal Bank of Canada lifted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the stock an "outperform" rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $31.00.
Get Our Latest Report on CTRE
Shares of CareTrust REIT stock opened at $30.02 on Wednesday. The stock has a market cap of $5.15 billion, a P/E ratio of 41.69 and a beta of 1.09. The stock's 50 day simple moving average is $30.75 and its 200-day simple moving average is $28.20. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60.
CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. Analysts predict that CareTrust REIT, Inc. will post 1.5 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT's payout ratio is 161.11%.
In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the sale, the chief financial officer now owns 257,439 shares of the company's stock, valued at $7,671,682.20. The trade was a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.75% of the stock is owned by corporate insiders.
CareTrust REIT, Inc's (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider CareTrust REIT, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CareTrust REIT wasn't on the list.
While CareTrust REIT currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.