Pictet Asset Management Holding SA Purchases 12,769 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Pictet Asset Management Holding SA boosted its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 27.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,101 shares of the real estate investment trust's stock after buying an additional 12,769 shares during the quarter. Pictet Asset Management Holding SA's holdings in CareTrust REIT were worth $1,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of CTRE. The Manufacturers Life Insurance Company lifted its position in CareTrust REIT by 9.2% during the third quarter. The Manufacturers Life Insurance Company now owns 82,934 shares of the real estate investment trust's stock valued at $2,559,000 after buying an additional 6,979 shares during the period. Walleye Capital LLC purchased a new position in CareTrust REIT during the third quarter valued at $223,000. Quantinno Capital Management LP lifted its position in CareTrust REIT by 3.2% during the third quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust's stock valued at $528,000 after buying an additional 533 shares during the period. State Street Corp lifted its position 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 during the period. Finally, Wellington Management Group LLP lifted its position in CareTrust REIT by 5.5% during the third 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 buying an additional 670,348 shares during the period. Hedge funds and other institutional investors own 87.77% of the company's stock.

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Analysts Set New Price Targets

Several brokerages have commented on CTRE. Wedbush reissued an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research report on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a research report on Thursday, March 13th. Wells Fargo & Company lowered their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Finally, Royal Bank of Canada lowered their price target 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. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $31.00.

CareTrust REIT Price Performance

NASDAQ CTRE traded up $0.05 during trading hours on Thursday, reaching $27.46. The company's stock had a trading volume of 111,060 shares, compared to its average volume of 1,843,802. The firm's 50-day moving average price is $27.04 and its 200-day moving average price is $28.40. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 1 year low of $23.26 and a 1 year high of $33.15. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 34.76, a PEG ratio of 1.25 and a beta of 0.88.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate 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 EPS. On average, equities research analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's dividend 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.