Geode Capital Management LLC Grows Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Geode Capital Management LLC lifted its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 23.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,620,274 shares of the real estate investment trust's stock after purchasing an additional 887,665 shares during the quarter. Geode Capital Management LLC owned about 2.69% of CareTrust REIT worth $125,006,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of 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 worth $212,267,000 after buying an additional 5,448,904 shares during the period. Vanguard Group Inc. grew its stake in shares of CareTrust REIT by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock worth $738,482,000 after purchasing an additional 4,263,097 shares in the last quarter. Raymond James Financial Inc. purchased a new position in CareTrust REIT in the fourth quarter valued at $49,048,000. Norges Bank acquired a new stake in CareTrust REIT in the fourth quarter valued at $33,180,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in CareTrust REIT by 24.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock worth $78,220,000 after buying an additional 568,634 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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CareTrust REIT Price Performance

Shares of CTRE stock traded up $0.03 during midday trading on Monday, reaching $28.10. 64,135 shares of the company traded hands, compared to its average volume of 1,755,909. CareTrust REIT, Inc. has a 1-year low of $23.26 and a 1-year high of $33.15. The firm has a market cap of $5.27 billion, a PE ratio of 35.57, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The firm's 50 day simple moving average is $27.09 and its two-hundred day simple moving average is $28.34. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick 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 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 last year, the company posted $0.25 EPS. On average, equities research analysts expect 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. Stockholders of record on Monday, March 31st will be paid a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.77%. 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 dividend payout ratio (DPR) is 169.62%.

Analyst Upgrades and Downgrades

CTRE has been the topic of several recent analyst reports. Wedbush reiterated an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Royal Bank of Canada decreased their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company lowered their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average 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.