CareTrust REIT (NASDAQ:CTRE) Downgraded by Wedbush to Underperform

CareTrust REIT (NASDAQ:CTRE) was downgraded by equities researchers at Wedbush from a “neutral” rating to an “underperform” rating in a note issued to investors on Thursday, Marketbeat.com reports. They currently have a $26.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $34.00. Wedbush’s target price would suggest a potential downside of 2.77% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT has a consensus rating of “Hold” and an average target price of $30.67.

CareTrust REIT Stock Up 0.8 %

Shares of CTRE stock opened at $26.74 on Thursday. The firm’s fifty day moving average price is $29.37 and its two-hundred day moving average price is $28.75. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $4.58 billion, a P/E ratio of 37.14, a PEG ratio of 1.59 and a beta of 1.08.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly 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). 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 for the quarter, compared to the consensus estimate of $74.12 million. During the same period last year, the company posted $0.35 earnings per share. On average, equities analysts predict that CareTrust REIT will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Hsbc Holdings PLC increased its position in CareTrust REIT by 25.4% in the 2nd quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock valued at $2,618,000 after acquiring an additional 21,145 shares during the period. Raymond James & Associates boosted its holdings in shares of CareTrust REIT by 10.6% during 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 in the last quarter. JPMorgan Chase & Co. grew its position in shares of CareTrust REIT by 381.2% during 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 buying an additional 5,448,904 shares during the period. Eagle Asset Management Inc. grew its position in shares of 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 buying an additional 78,560 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in CareTrust REIT in the third quarter valued at $7,475,000. 87.77% of the stock is currently owned by institutional investors.

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.