Connor Clark & Lunn Investment Management Ltd. Invests $1.11 Million in CareTrust REIT, Inc. (NASDAQ:CTRE)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 35,959 shares of the real estate investment trust's stock, valued at approximately $1,110,000.

Other hedge funds have also recently modified their holdings of the company. Tributary Capital Management LLC purchased a new position in CareTrust REIT in the second quarter valued at $11,119,000. Dimensional Fund Advisors LP increased its stake in shares of CareTrust REIT by 15.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust's stock valued at $51,626,000 after purchasing an additional 281,120 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of CareTrust REIT in the 2nd quarter valued at about $4,764,000. Quantbot Technologies LP raised its holdings in CareTrust REIT by 398.2% in the 2nd quarter. Quantbot Technologies LP now owns 169,351 shares of the real estate investment trust's stock worth $4,251,000 after purchasing an additional 135,357 shares during the period. Finally, Employees Retirement System of Texas purchased a new position in CareTrust REIT during the second quarter worth approximately $3,138,000. Hedge funds and other institutional investors own 87.77% of the company's stock.

Insider Activity

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. This trade represents a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.54% of the company's stock.

CareTrust REIT Price Performance

NASDAQ CTRE traded down $0.11 during mid-day trading on Thursday, hitting $29.91. The stock had a trading volume of 1,155,369 shares, compared to its average volume of 1,563,070. The firm's 50 day moving average is $30.71 and its 200 day moving average is $28.25. 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 capitalization of $5.13 billion, a price-to-earnings ratio of 41.54 and a beta of 1.09. CareTrust REIT, Inc. has a twelve month low of $20.10 and a twelve month high of $33.15.

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

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT's dividend payout ratio is currently 161.11%.

Analysts Set New Price Targets

CTRE has been the subject of a number of recent analyst reports. Wells Fargo & Company upgraded CareTrust REIT from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Royal Bank of Canada upped their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an "outperform" rating in a research report on Thursday, August 22nd. KeyCorp increased 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, BMO Capital Markets boosted their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a research note on Monday, October 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $31.00.

About CareTrust REIT

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.