OFI Invest Asset Management Invests $438,000 in CareTrust REIT, Inc. (NASDAQ:CTRE)

OFI Invest Asset Management purchased a new position in CareTrust REIT, Inc. (NASDAQ:CTRE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,755 shares of the real estate investment trust’s stock, valued at approximately $438,000.

A number of other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in CareTrust REIT by 5.5% during 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 acquiring an additional 670,348 shares during the last quarter. State Street Corp increased its position in 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 acquiring an additional 520,783 shares during the last quarter. JPMorgan Chase & Co. increased its position 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 valued at $212,267,000 after acquiring an additional 5,448,904 shares during the last quarter. FMR LLC increased its position in CareTrust REIT by 209.9% during the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock valued at $161,240,000 after acquiring an additional 3,538,798 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in CareTrust REIT by 7.4% during the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock valued at $115,209,000 after acquiring an additional 258,271 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Royal Bank of Canada reduced their price objective on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. Finally, BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.83.

CareTrust REIT Stock Performance

Shares of CTRE opened at $25.87 on Monday. The stock has a market cap of $4.85 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 1.25 and a beta of 1.11. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $26.41 and a two-hundred day simple moving average of $28.74. CareTrust REIT, Inc. has a 52 week low of $23.10 and a 52 week high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same period in the prior year, the business posted $0.25 earnings per share. On average, analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is 146.84%.

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.