Massachusetts Financial Services Co. MA Has $4.05 Million Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Massachusetts Financial Services Co. MA grew its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 93.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 149,785 shares of the real estate investment trust's stock after acquiring an additional 72,318 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.09% of CareTrust REIT worth $4,052,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in 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 during the last quarter. State Street Corp lifted its position in CareTrust REIT by 6.7% during the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust's stock worth $259,255,000 after buying an additional 520,783 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of CareTrust REIT by 381.2% during the 3rd 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 last quarter. Geode Capital Management LLC grew its holdings in shares of CareTrust REIT by 23.8% in the 4th quarter. Geode Capital Management LLC now owns 4,620,274 shares of the real estate investment trust's stock valued at $125,006,000 after acquiring an additional 887,665 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of CareTrust REIT by 24.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock valued at $78,220,000 after acquiring an additional 568,634 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several brokerages recently commented on CTRE. Wells Fargo & Company reduced their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Wedbush reissued an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a research note on Thursday, March 13th. Finally, Royal Bank of Canada dropped 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 report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, CareTrust REIT has an average rating of "Moderate Buy" and a consensus target price of $31.00.

CareTrust REIT Stock Performance

Shares of CTRE traded up $0.37 during mid-day trading on Friday, reaching $28.04. The company's stock had a trading volume of 1,534,135 shares, compared to its average volume of 1,758,575. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 1-year low of $23.26 and a 1-year high of $33.15. The business has a 50-day simple moving average of $27.09 and a two-hundred day simple moving average of $28.36. The stock has a market cap of $5.26 billion, a P/E ratio of 35.49, a PEG ratio of 1.25 and a beta of 0.88.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced 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 net margin of 42.22% and a return on equity of 5.59%. During the same period last year, the company posted $0.25 EPS. As a group, equities research analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.335 per share. This is an increase from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.78%. CareTrust REIT's payout ratio is presently 169.62%.

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.