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

Geode Capital Management LLC lifted its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 7.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,732,609 shares of the real estate investment trust’s stock after purchasing an additional 258,271 shares during the quarter. Geode Capital Management LLC owned 2.18% of CareTrust REIT worth $115,209,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hsbc Holdings PLC increased its position in shares of CareTrust REIT by 25.4% during the second quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock valued at $2,618,000 after buying an additional 21,145 shares during the period. Raymond James & Associates grew its stake in CareTrust REIT by 10.6% during the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock valued at $21,138,000 after acquiring an additional 65,756 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in CareTrust REIT by 22.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock worth $13,264,000 after acquiring an additional 78,560 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in CareTrust REIT in the 3rd quarter worth approximately $7,475,000. Finally, Sanctuary Advisors LLC bought a new position in CareTrust REIT in the 2nd quarter valued at $319,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

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

CareTrust REIT Price Performance

CTRE opened at $28.53 on Wednesday. The stock has a market capitalization of $4.89 billion, a P/E ratio of 39.63, a PEG ratio of 1.59 and a beta of 1.07. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. The stock has a 50-day moving average price of $30.30 and a 200-day moving average price of $28.64.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.08). The firm had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period in the prior year, the company earned $0.35 EPS. Equities analysts predict that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

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

CareTrust REIT Company 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.