Brokerages Set CareTrust REIT, Inc. (NASDAQ:CTRE) Price Target at $31.00

CareTrust REIT, Inc. (NASDAQ:CTRE) has been given a consensus rating of “Moderate Buy” by the six research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $30.67.

A number of research firms have commented on CTRE. BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $34.00 to $32.00 in a research note on Monday, December 9th. KeyCorp increased their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. 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. Finally, Royal Bank of Canada boosted their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd.

Hedge Funds Weigh In On CareTrust REIT

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC grew its holdings in 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 worth $161,240,000 after buying an additional 3,538,798 shares in the last quarter. Heitman Real Estate Securities LLC bought a new stake in CareTrust REIT during the 3rd quarter valued at $27,534,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in CareTrust REIT by 344.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock worth $29,364,000 after acquiring an additional 737,236 shares during the period. Wellington Management Group LLP grew its stake in shares of CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after purchasing an additional 670,348 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of CareTrust REIT by 6.7% during the third quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock valued at $259,255,000 after purchasing an additional 520,783 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Price Performance

CTRE opened at $28.81 on Monday. CareTrust REIT has a twelve month low of $20.10 and a twelve month high of $33.15. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 40.01, 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. The company has a fifty day simple moving average of $30.34 and a 200 day simple moving average of $28.56.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly 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). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The business had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. During the same period in the prior year, the company posted $0.35 EPS. Equities research analysts expect that CareTrust REIT will post 1.5 EPS for the current fiscal year.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio is presently 161.11%.

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.