Jennison Associates LLC Buys New Shares in CareTrust REIT, Inc. (NASDAQ:CTRE)

Jennison Associates LLC bought a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 39,283 shares of the real estate investment trust's stock, valued at approximately $1,212,000.

A number of other hedge funds have also recently bought and sold shares of CTRE. Vanguard Group Inc. boosted its holdings in CareTrust REIT by 13.3% in the 1st quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust's stock worth $493,925,000 after buying an additional 2,376,832 shares during the period. Zimmer Partners LP bought a new position in shares of CareTrust REIT during the first quarter valued at about $41,763,000. Tributary Capital Management LLC purchased a new position in CareTrust REIT in the 2nd quarter worth approximately $11,119,000. Dimensional Fund Advisors LP increased its stake in shares of CareTrust REIT by 15.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust's stock worth $51,626,000 after buying an additional 281,120 shares during the period. Finally, Manning & Napier Advisors LLC bought a new position in shares of CareTrust REIT during the second quarter valued at about $4,764,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business's 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 completion of the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 11.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.75% of the company's stock.

Analyst Ratings Changes

CTRE has been the topic of several research reports. Royal Bank of Canada lifted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, August 22nd. BMO Capital Markets upped 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. Wells Fargo & Company raised shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Finally, KeyCorp raised their price target on CareTrust REIT from $27.00 to $34.00 and gave the stock an "overweight" rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $31.00.

CareTrust REIT Trading Down 1.4 %

Shares of CareTrust REIT stock traded down $0.44 on Friday, hitting $30.30. 2,045,755 shares of the company traded hands, compared to its average volume of 2,956,905. CareTrust REIT, Inc. has a 52 week low of $20.10 and a 52 week high of $33.15. The company has a market cap of $5.19 billion, a PE ratio of 42.08 and a beta of 1.09. The stock's 50 day moving average price is $30.77 and its 200-day moving average price is $28.17. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to the consensus estimate 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 business posted $0.35 EPS. Equities research analysts predict that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date was Monday, September 30th. CareTrust REIT's dividend payout ratio is presently 161.11%.

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.