CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 14.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,943,891 shares of the real estate investment trust’s stock after selling 1,854,164 shares during the period. Wellington Management Group LLP owned 5.83% of CareTrust REIT worth $296,032,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in CareTrust REIT by 381.2% during 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. Geode Capital Management LLC boosted its position 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. Bank of New York Mellon Corp grew its holdings in shares of CareTrust REIT by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust’s stock valued at $67,784,000 after purchasing an additional 126,280 shares during the period. Tidal Investments LLC acquired a new stake in CareTrust REIT during the third quarter worth about $576,000. Finally, Martingale Asset Management L P purchased a new position in CareTrust REIT during the third quarter worth about $784,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CTRE. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Wells Fargo & Company cut their target price on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Wedbush reaffirmed an “underperform” rating and issued a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Thursday, March 13th. Finally, Royal Bank of Canada reduced their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Price Performance

CTRE stock opened at $28.43 on Wednesday. The business’s fifty day moving average price is $26.92 and its 200 day moving average price is $28.55. CareTrust REIT, Inc. has a 12-month low of $23.26 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 company has a market capitalization of $5.34 billion, a PE ratio of 35.99, a P/E/G ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results 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 quarter in the previous year, the business earned $0.25 EPS. On average, sell-side analysts anticipate that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.335 dividend. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.71%. CareTrust REIT’s payout ratio is 169.62%.

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.