CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $31.00 Consensus Target Price from Analysts

CareTrust REIT, Inc. (NASDAQ:CTRE) has received an average rating of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $31.00.

A number of equities analysts have issued reports on CTRE shares. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. BMO Capital Markets boosted their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada increased their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Finally, KeyCorp lifted their target price on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th.

Insiders Place Their Bets

In other news, CFO William M. Wagner sold 35,000 shares of the company’s 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 transaction, the chief financial officer now owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This represents a 11.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.75% of the company’s stock.

Institutional Investors Weigh In On CareTrust REIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTRE. Vanguard Group Inc. raised its holdings in CareTrust REIT by 13.3% during the 1st quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock valued at $493,925,000 after acquiring an additional 2,376,832 shares during the period. Wellington Management Group LLP grew its position in shares of CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after purchasing an additional 670,348 shares in the last quarter. State Street Corp raised its stake in shares of 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 valued at $259,255,000 after purchasing an additional 520,783 shares during the period. FMR LLC raised its stake in shares of CareTrust REIT by 209.9% during the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock valued at $161,240,000 after purchasing an additional 3,538,798 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in CareTrust REIT by 7.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock worth $115,209,000 after purchasing an additional 258,271 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Price Performance

Shares of NASDAQ CTRE opened at $30.33 on Thursday. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 42.13 and a beta of 1.09. 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 has a fifty-two week low of $20.10 and a fifty-two week high of $33.15. The firm’s 50-day simple moving average is $30.75 and its 200 day simple moving average is $27.95.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). The company had revenue of $77.38 million during the quarter, compared to analysts’ expectations 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 last year, the company earned $0.35 earnings per share. As a group, research analysts anticipate that CareTrust REIT will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.82%. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

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.