KLP Kapitalforvaltning AS Acquires New Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

KLP Kapitalforvaltning AS acquired a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 30,400 shares of the real estate investment trust's stock, valued at approximately $830,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in 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 acquiring an additional 670,348 shares during the period. State Street Corp raised its holdings in shares of CareTrust REIT by 6.7% in the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust's stock worth $259,255,000 after purchasing an additional 520,783 shares in the last quarter. JPMorgan Chase & Co. lifted 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 valued at $212,267,000 after purchasing an additional 5,448,904 shares during the last quarter. FMR LLC boosted its holdings in CareTrust REIT by 209.9% during the third 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. Finally, Geode Capital Management LLC grew its position in CareTrust REIT by 7.4% in 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 during the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

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CareTrust REIT Price Performance

Shares of NASDAQ:CTRE traded down $0.88 during midday trading on Friday, reaching $27.98. 3,984,945 shares of the company's stock were exchanged, compared to its average volume of 1,741,841. The firm has a market capitalization of $5.25 billion, a PE ratio of 35.41, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The company's 50 day simple moving average is $27.03 and its two-hundred day simple moving average is $28.52. CareTrust REIT, Inc. has a 12 month low of $23.26 and a 12 month high of $33.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its 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 last year, the firm posted $0.25 EPS. Equities research analysts expect that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.335 dividend. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.34 annualized dividend and a yield of 4.79%. CareTrust REIT's dividend payout ratio (DPR) is currently 169.62%.

Analysts Set New Price Targets

CTRE has been the subject of a number of recent research reports. Wedbush reiterated an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research report on Friday, March 14th. BMO Capital Markets cut CareTrust REIT from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Wells Fargo & Company decreased their price target 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. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada dropped their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

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.