Geode Capital Management LLC Increases Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Geode Capital Management LLC grew its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 7.4% in the third quarter, HoldingsChannel.com reports. The firm owned 3,732,609 shares of the real estate investment trust’s stock after buying an additional 258,271 shares during the quarter. Geode Capital Management LLC’s holdings in CareTrust REIT were worth $115,209,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CTRE. Wellington Management Group LLP raised its holdings in CareTrust REIT by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after buying an additional 670,348 shares during the last quarter. State Street Corp grew its holdings in CareTrust REIT by 6.7% in the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock worth $259,255,000 after acquiring an additional 520,783 shares during the last quarter. FMR LLC increased its position in shares of CareTrust REIT by 209.9% in the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock valued at $161,240,000 after acquiring an additional 3,538,798 shares during the period. Zimmer Partners LP raised its stake in shares of CareTrust REIT by 6.0% during the third quarter. Zimmer Partners LP now owns 3,449,615 shares of the real estate investment trust’s stock valued at $106,455,000 after acquiring an additional 194,028 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of CareTrust REIT by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,323,045 shares of the real estate investment trust’s stock worth $71,689,000 after purchasing an additional 132,874 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CTRE shares. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. KeyCorp upped their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Royal Bank of Canada lifted their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Finally, BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.67.

CareTrust REIT Trading Down 0.3 %

NASDAQ CTRE opened at $28.53 on Wednesday. The firm has a market capitalization of $4.89 billion, a PE ratio of 39.63, a P/E/G ratio of 1.59 and a beta of 1.07. The stock’s 50 day moving average is $30.30 and its 200 day moving average is $28.64. CareTrust REIT, Inc. has a twelve month low of $20.10 and a twelve month high of $33.15. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16.

CareTrust REIT (NASDAQ:CTRE) last announced its earnings results 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). The business had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same quarter last year, the firm posted $0.35 EPS. Research analysts forecast that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

CareTrust REIT Profile

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.