Inceptionr LLC Buys 55,676 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Inceptionr LLC lifted its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 185.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 85,718 shares of the real estate investment trust’s stock after purchasing an additional 55,676 shares during the quarter. CareTrust REIT makes up 0.5% of Inceptionr LLC’s portfolio, making the stock its 13th largest position. Inceptionr LLC’s holdings in CareTrust REIT were worth $2,319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake 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 valued at $212,267,000 after purchasing an additional 5,448,904 shares during the period. Eagle Asset Management Inc. grew its position in CareTrust REIT by 22.4% during the third 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in CareTrust REIT during the third quarter worth about $7,475,000. Principal Financial Group Inc. grew its position in CareTrust REIT by 5.2% during the third quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock worth $25,870,000 after buying an additional 41,623 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in CareTrust REIT by 7.4% during the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock worth $115,209,000 after buying an additional 258,271 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Royal Bank of Canada reduced their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. Finally, BMO Capital Markets cut 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 report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.83.

CareTrust REIT Price Performance

CTRE opened at $26.57 on Thursday. The stock has a 50-day moving average price of $26.49 and a 200-day moving average price of $28.80. CareTrust REIT, Inc. has a 12-month low of $23.10 and a 12-month high of $33.15. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $4.99 billion, a P/E ratio of 33.63, a PEG ratio of 1.25 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same period in the previous year, the firm earned $0.25 earnings per share. Equities analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s payout ratio is currently 146.84%.

CareTrust REIT 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.