CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Consensus Rating of “Hold” from Analysts

CareTrust REIT, Inc. (NASDAQ:CTRE) has been given a consensus recommendation of “Hold” by the six research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $30.67.

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $34.00 to $26.00 in a research note on Thursday, January 2nd. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Finally, KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th.

CareTrust REIT Stock Up 3.0 %

CTRE stock opened at $27.72 on Tuesday. The firm has a 50-day moving average price of $28.01 and a 200-day moving average price of $28.97. The stock has a market capitalization of $4.75 billion, a P/E ratio of 38.50, a price-to-earnings-growth ratio of 1.25 and a beta of 1.09. 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 has a 12 month low of $20.10 and a 12 month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The firm had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter last year, the firm posted $0.35 EPS. As a group, equities research analysts anticipate that CareTrust REIT will post 1.5 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 4.18%. CareTrust REIT’s dividend payout ratio is currently 161.11%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its position in CareTrust REIT by 5.5% in the 3rd quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after buying an additional 670,348 shares during the last quarter. State Street Corp lifted its holdings in shares of 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. JPMorgan Chase & Co. lifted its holdings in shares of CareTrust REIT by 381.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock worth $212,267,000 after acquiring an additional 5,448,904 shares during the last quarter. FMR LLC boosted its stake in shares of CareTrust REIT by 209.9% in the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock valued at $161,240,000 after purchasing an additional 3,538,798 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of CareTrust REIT by 7.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock valued at $115,209,000 after purchasing an additional 258,271 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

About CareTrust REIT

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.