Massachusetts Financial Services Co. MA Invests $2.39 Million in CareTrust REIT, Inc. (NASDAQ:CTRE)

Massachusetts Financial Services Co. MA purchased a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 77,467 shares of the real estate investment trust's stock, valued at approximately $2,391,000.

A number of other institutional investors have also recently bought and sold shares of CTRE. Dimensional Fund Advisors LP lifted its holdings in CareTrust REIT by 15.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust's stock worth $51,626,000 after purchasing an additional 281,120 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in CareTrust REIT by 5.2% during the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust's stock worth $25,870,000 after purchasing an additional 41,623 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in CareTrust REIT by 7.2% during the 3rd quarter. Victory Capital Management Inc. now owns 835,506 shares of the real estate investment trust's stock worth $25,784,000 after purchasing an additional 56,015 shares in the last quarter. Raymond James & Associates lifted its holdings in CareTrust REIT by 10.6% during the 3rd quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust's stock worth $21,138,000 after purchasing an additional 65,756 shares in the last quarter. Finally, Tributary Capital Management LLC lifted its holdings in CareTrust REIT by 21.4% during the 3rd quarter. Tributary Capital Management LLC now owns 537,726 shares of the real estate investment trust's stock worth $16,594,000 after purchasing an additional 94,755 shares in the last quarter. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Stock Down 0.4 %

Shares of CTRE traded down $0.11 on Wednesday, reaching $29.91. The stock had a trading volume of 1,155,369 shares, compared to its average volume of 1,563,070. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 41.69 and a beta of 1.09. The company has a 50-day simple moving average of $30.73 and a 200-day simple moving average of $28.24. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its quarterly 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). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The company had revenue of $77.38 million during the quarter, compared to the consensus estimate of $74.12 million. During the same period in the prior year, the firm earned $0.35 earnings per share. Sell-side analysts predict that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

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

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 257,439 shares of the company's stock, valued at $7,671,682.20. This trade represents a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.54% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Royal Bank of Canada raised their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a report on Thursday, August 22nd. Wells Fargo & Company raised 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. KeyCorp raised their price target on 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 raised their price target on CareTrust REIT from $33.00 to $34.00 and gave the company an "outperform" rating in a report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus 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.