Edgestream Partners L.P. Increases Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Edgestream Partners L.P. increased its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 554.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 94,369 shares of the real estate investment trust’s stock after buying an additional 79,957 shares during the period. Edgestream Partners L.P. owned about 0.06% of CareTrust REIT worth $2,553,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in CareTrust REIT by 381.2% in 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 purchasing an additional 5,448,904 shares during the last quarter. FMR LLC grew its stake in CareTrust REIT by 209.9% in 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 purchasing an additional 3,538,798 shares during the last quarter. Raymond James Financial Inc. purchased a new position in CareTrust REIT in the fourth quarter valued at about $49,048,000. Heitman Real Estate Securities LLC purchased a new position in CareTrust REIT in the third quarter valued at about $27,534,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in CareTrust REIT by 344.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock valued at $29,364,000 after purchasing an additional 737,236 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Trading Up 1.4 %

CareTrust REIT stock opened at $25.87 on Monday. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 52 week low of $23.10 and a 52 week high of $33.15. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The stock has a 50-day moving average price of $26.41 and a 200 day moving average price of $28.74.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS 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 last year, the company posted $0.25 EPS. Sell-side analysts anticipate that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Royal Bank of Canada lowered their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Wedbush downgraded CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $34.00 to $26.00 in a report on Thursday, January 2nd. Finally, BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $34.00 to $32.00 in a 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.83.

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.