Connor Clark & Lunn Investment Management Ltd. Has $2.09 Million Stock Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 114.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,231 shares of the real estate investment trust's stock after acquiring an additional 41,272 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in CareTrust REIT were worth $2,089,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. WealthShield Partners LLC grew its stake in shares of CareTrust REIT by 1.0% in the fourth quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust's stock worth $1,343,000 after acquiring an additional 490 shares during the last quarter. Quantinno Capital Management LP boosted its stake 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 worth $528,000 after buying an additional 533 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in CareTrust REIT by 4.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust's stock worth $308,000 after buying an additional 534 shares in the last quarter. Blue Trust Inc. boosted its stake in CareTrust REIT by 50.0% during the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust's stock worth $49,000 after buying an additional 603 shares in the last quarter. Finally, Pitcairn Co. boosted its stake in CareTrust REIT by 5.3% during the third quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust's stock worth $415,000 after buying an additional 671 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

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CareTrust REIT Price Performance

Shares of NASDAQ CTRE traded down $0.29 during midday trading on Friday, reaching $28.70. 3,150,421 shares of the company traded hands, compared to its average volume of 1,618,896. The firm has a market cap of $5.39 billion, a PE ratio of 36.33, a PEG ratio of 1.25 and a beta of 1.11. The stock's 50-day simple moving average is $26.66 and its 200-day simple moving average is $28.64. 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 released 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 net margin of 42.22% and a return on equity of 5.59%. During the same period in the prior year, the firm earned $0.25 earnings per share. As a group, equities analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm 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 represents a $1.34 dividend on an annualized basis and a dividend yield of 4.67%. 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. CareTrust REIT's payout ratio is currently 146.84%.

Analyst Upgrades and Downgrades

CTRE has been the topic of a number of recent research reports. BMO Capital Markets downgraded shares of CareTrust REIT from an "outperform" rating to a "market perform" rating and decreased 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 shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Royal Bank of Canada decreased 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 note on Friday, February 21st. Wedbush reiterated an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned 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 $31.00.

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.