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

Massachusetts Financial Services Co. MA acquired a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 77,467 shares of the real estate investment trust’s stock, valued at approximately $2,391,000.

A number of other large investors have also modified their holdings of the stock. Intech Investment Management LLC purchased a new stake in shares of CareTrust REIT during the third quarter worth $1,393,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of CareTrust REIT during the third quarter worth $7,475,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of CareTrust REIT during the third quarter worth $1,110,000. Jennison Associates LLC purchased a new stake in shares of CareTrust REIT during the third quarter worth $1,212,000. Finally, J. W. Coons Advisors LLC purchased a new position in CareTrust REIT in the third quarter valued at $213,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the sale, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.75% of the company’s stock.

Analysts Set New Price Targets

CTRE has been the topic of several recent analyst reports. BMO Capital Markets increased their target price on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, October 7th. KeyCorp increased their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada increased their target price on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $30.02 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a market capitalization of $5.15 billion, a PE ratio of 41.69 and a beta of 1.09. The company has a fifty day moving average of $30.75 and a two-hundred day moving average of $28.20.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data 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). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The company had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter in the prior year, the company earned $0.35 EPS. As a group, analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.86%. CareTrust REIT’s dividend payout ratio (DPR) is 161.11%.

CareTrust REIT 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.