CareTrust REIT (NASDAQ:CTRE) Hits New 1-Year High at $31.14

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $31.14 and last traded at $31.14, with a volume of 115 shares trading hands. The stock had previously closed at $31.08.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wells Fargo & Company increased their price target on CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Wedbush started coverage on CareTrust REIT in a research report on Wednesday, May 29th. They set a “neutral” rating and a $26.00 target price on the stock. Royal Bank of Canada lifted their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $26.67.

CareTrust REIT Stock Performance

The firm has a market capitalization of $4.80 billion, a PE ratio of 59.77 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. The stock has a 50-day moving average price of $28.02 and a 200-day moving average price of $25.78.

CareTrust REIT (NASDAQ:CTRE) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The business had revenue of $68.89 million during the quarter, compared to analyst estimates of $66.36 million. During the same period in the previous year, the company earned $0.35 earnings per share. On average, research analysts expect that CareTrust REIT, Inc. will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the sale, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in CareTrust REIT by 13.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,712,498 shares of the real estate investment trust’s stock valued at $38,326,000 after buying an additional 209,500 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in CareTrust REIT by 16.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,630,595 shares of the real estate investment trust’s stock valued at $36,494,000 after purchasing an additional 227,775 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in CareTrust REIT by 16.6% during the fourth quarter. Principal Financial Group Inc. now owns 664,172 shares of the real estate investment trust’s stock worth $14,864,000 after buying an additional 94,544 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in CareTrust REIT by 26.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 73,502 shares of the real estate investment trust’s stock worth $1,624,000 after buying an additional 15,192 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its position in CareTrust REIT by 5.4% in the fourth quarter. Foundations Investment Advisors LLC now owns 12,103 shares of the real estate investment trust’s stock worth $254,000 after buying an additional 624 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

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.