CareTrust REIT (NASDAQ:CTRE) Downgraded by Wedbush to “Underperform”

CareTrust REIT (NASDAQ:CTRE) was downgraded by investment analysts at Wedbush from a “neutral” rating to an “underperform” rating in a research note issued on Thursday, MarketBeat Ratings reports. They currently have a $26.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $34.00. Wedbush’s price objective points to a potential downside of 3.88% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. Finally, KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.67.

CareTrust REIT Stock Up 0.9 %

Shares of NASDAQ CTRE opened at $27.05 on Thursday. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $29.54 and its two-hundred day moving average is $28.76. CareTrust REIT has a 52-week low of $20.10 and a 52-week high of $33.15. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 37.57, a PEG ratio of 1.59 and a beta of 1.08.

CareTrust REIT (NASDAQ:CTRE) last posted 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 firm had revenue of $77.38 million for the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period in the previous year, the company posted $0.35 EPS. Research analysts predict that CareTrust REIT will post 1.5 EPS for the current year.

Institutional Investors Weigh In On CareTrust REIT

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in 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 purchasing an additional 5,448,904 shares in the last quarter. Principal Financial Group Inc. raised its stake 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 acquiring an additional 41,623 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in CareTrust REIT in the third quarter valued at $985,000. Franklin Resources Inc. boosted its stake in CareTrust REIT by 2.3% in the third quarter. Franklin Resources Inc. now owns 58,065 shares of the real estate investment trust’s stock valued at $1,754,000 after acquiring an additional 1,318 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of CareTrust REIT during the third quarter worth about $576,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

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.