CareTrust REIT (NASDAQ:CTRE) Lowered to "Market Perform" Rating by BMO Capital Markets

CareTrust REIT (NASDAQ:CTRE - Get Free Report) was downgraded by equities researchers at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $32.00 price objective on the real estate investment trust's stock, down from their prior price objective of $34.00. BMO Capital Markets' target price would suggest a potential upside of 10.96% from the stock's current price.

Several other equities analysts also recently weighed in on CTRE. Royal Bank of Canada lifted their target price on CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, August 22nd. KeyCorp lifted their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a report on Monday, October 7th. Finally, Wells Fargo & Company upgraded shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $30.67.

CareTrust REIT Trading Down 1.7 %

Shares of NASDAQ:CTRE traded down $0.50 during midday trading on Monday, reaching $28.84. 2,396,361 shares of the company's stock were exchanged, compared to its average volume of 1,566,448. The firm's 50 day simple moving average is $30.53 and its two-hundred day simple moving average is $28.49. CareTrust REIT has a fifty-two week low of $20.10 and a fifty-two week high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 40.75 and a beta of 1.08.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million during the quarter, compared to analysts' expectations of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same period last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts forecast that CareTrust REIT will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in shares of CareTrust REIT by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust's stock worth $394,948,000 after purchasing an additional 670,348 shares during the last quarter. State Street Corp raised its stake in CareTrust REIT by 6.7% in 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 in the last quarter. FMR LLC lifted its holdings in CareTrust REIT by 209.9% during the 3rd 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 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 worth $115,209,000 after acquiring an additional 258,271 shares in the last quarter. Finally, Zimmer Partners LP increased its holdings in shares of CareTrust REIT by 6.0% in the 3rd quarter. Zimmer Partners LP now owns 3,449,615 shares of the real estate investment trust's stock valued at $106,455,000 after acquiring an additional 194,028 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

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.