Mackenzie Financial Corp Invests $454,000 in CareTrust REIT, Inc. (NASDAQ:CTRE)

Mackenzie Financial Corp acquired a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the second quarter, HoldingsChannel reports. The fund acquired 18,097 shares of the real estate investment trust’s stock, valued at approximately $454,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in CareTrust REIT by 13.3% during the 1st quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock valued at $493,925,000 after buying an additional 2,376,832 shares during the last quarter. Centersquare Investment Management LLC increased its position in CareTrust REIT by 1.6% during the first quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust’s stock valued at $70,924,000 after acquiring an additional 45,733 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in CareTrust REIT by 15.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock valued at $51,626,000 after acquiring an additional 281,120 shares during the period. Zimmer Partners LP purchased a new position in CareTrust REIT in the first quarter worth about $41,763,000. Finally, GRS Advisors LLC bought a new stake in shares of CareTrust REIT during the 4th quarter valued at about $31,656,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the sale, the chief financial officer now owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.75% of the company’s stock.

CareTrust REIT Price Performance

NASDAQ CTRE opened at $30.37 on Friday. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 58.40 and a beta of 1.10. CareTrust REIT, Inc. has a 12 month low of $20.10 and a 12 month high of $31.51. The company’s 50 day moving average is $29.31 and its two-hundred day moving average is $26.53. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data 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 firm had revenue of $68.89 million for the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, research analysts anticipate that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

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

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.