Mackenzie Financial Corp Buys Shares of 18,097 CareTrust REIT, Inc. (NASDAQ:CTRE)

Mackenzie Financial Corp bought a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 18,097 shares of the real estate investment trust’s stock, valued at approximately $454,000.

Other large investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in CareTrust REIT by 25.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 75,955 shares of the real estate investment trust’s stock worth $1,906,000 after buying an additional 15,606 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in CareTrust REIT in the 2nd quarter worth $660,000. Employees Retirement System of Texas bought a new position in shares of CareTrust REIT during the second quarter valued at about $3,138,000. Xponance Inc. purchased a new stake in CareTrust REIT during the 2nd quarter valued at $216,000. Finally, Evergreen Capital Management LLC grew its holdings in CareTrust REIT by 17.6% in the 2nd quarter. Evergreen Capital Management LLC now owns 10,791 shares of the real estate investment trust’s stock worth $274,000 after acquiring an additional 1,614 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Price Performance

Shares of NASDAQ CTRE opened at $30.37 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37. The company has a 50 day simple moving average of $29.31 and a two-hundred day simple moving average of $26.53. CareTrust REIT, Inc. has a fifty-two week low of $20.10 and a fifty-two week high of $31.51. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 58.40 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.29). The company had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period last year, the firm posted $0.35 earnings per share. Analysts expect that CareTrust REIT, Inc. will post 1.48 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, September 30th. CareTrust REIT’s payout ratio is 223.08%.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the company’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 transaction, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their price target on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a report on Monday, July 1st. Royal Bank of Canada boosted their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

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.