Sound Income Strategies LLC Has $12.50 Million Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Sound Income Strategies LLC boosted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 462,096 shares of the real estate investment trust’s stock after purchasing an additional 47,292 shares during the period. Sound Income Strategies LLC owned about 0.27% of CareTrust REIT worth $12,500,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of CareTrust REIT by 5.5% during the 3rd 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 acquiring an additional 670,348 shares in the last quarter. State Street Corp boosted its stake in shares of CareTrust REIT by 6.7% during the third 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 in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of 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 during the last quarter. FMR LLC raised its holdings in CareTrust REIT by 209.9% in 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 buying an additional 3,538,798 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position 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 buying an additional 258,271 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CTRE shares. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their price target 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 upped their price target for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $34.00 to $26.00 in a report on Thursday, January 2nd. Finally, KeyCorp lifted their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, CareTrust REIT presently has an average rating of “Hold” and a consensus target price of $30.67.

CareTrust REIT Stock Performance

CareTrust REIT stock opened at $26.72 on Friday. The firm’s 50 day simple moving average is $28.20 and its 200 day simple moving average is $28.92. 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, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15. The firm has a market capitalization of $4.58 billion, a PE ratio of 18.25, a price-to-earnings-growth ratio of 1.25 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) 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). The business 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 quarter in the previous year, the business earned $0.35 earnings per share. As a group, analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.29 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a yield of 4.34%. CareTrust REIT’s dividend payout ratio (DPR) is currently 161.11%.

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.