CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $30.67 Consensus Target Price from Brokerages

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

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wellington Management Group LLP lifted its stake in shares of 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 valued at $394,948,000 after purchasing an additional 670,348 shares during the last quarter. State Street Corp raised its holdings in 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 buying an additional 520,783 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of CareTrust REIT by 381.2% in the third 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 last quarter. FMR LLC boosted its stake in shares of CareTrust REIT by 209.9% during the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after acquiring an additional 3,538,798 shares in the last quarter. Finally, Geode Capital Management LLC increased 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 acquiring an additional 258,271 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Trading Up 0.2 %

CareTrust REIT stock opened at $26.44 on Friday. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 36.72, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $33.15. The firm’s 50 day moving average price is $29.16 and its two-hundred day moving average price is $28.83. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60.

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 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 company had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. On average, research analysts predict that CareTrust REIT will post 1.5 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.39%. The ex-dividend date is Tuesday, December 31st. CareTrust REIT’s 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.