Balyasny Asset Management L.P. Buys 1,623,297 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Balyasny Asset Management L.P. increased its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 149.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,708,664 shares of the real estate investment trust's stock after buying an additional 1,623,297 shares during the period. Balyasny Asset Management L.P. owned 1.58% of CareTrust REIT worth $73,269,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Barclays PLC boosted its holdings in shares of CareTrust REIT by 264.9% in the third quarter. Barclays PLC now owns 259,820 shares of the real estate investment trust's stock worth $8,017,000 after acquiring an additional 188,622 shares during the period. World Investment Advisors LLC bought a new position in CareTrust REIT in the 3rd quarter worth about $407,000. Tidal Investments LLC bought a new position in CareTrust REIT in the 3rd quarter worth about $576,000. Franklin Resources Inc. grew its holdings in CareTrust REIT by 2.3% during the 3rd quarter. Franklin Resources Inc. now owns 58,065 shares of the real estate investment trust's stock valued at $1,754,000 after buying an additional 1,318 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of CareTrust REIT by 5.2% during the third quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust's stock valued at $25,870,000 after buying an additional 41,623 shares during the period. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTRE has been the subject of a number of analyst reports. Wells Fargo & Company cut their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a report on Thursday, March 13th. Royal Bank of Canada decreased their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Finally, Wedbush reiterated an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, CareTrust REIT has an average rating of "Moderate Buy" and an average price target of $31.00.

CareTrust REIT Price Performance

Shares of CareTrust REIT stock traded up $0.19 on Friday, hitting $29.14. 922,060 shares of the company traded hands, compared to its average volume of 1,801,285. CareTrust REIT, Inc. has a 12-month low of $24.35 and a 12-month high of $33.15. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a market cap of $5.59 billion, a P/E ratio of 36.89, a P/E/G ratio of 1.25 and a beta of 0.88. The firm's 50-day simple moving average is $28.16 and its 200 day simple moving average is $28.10.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its quarterly earnings results 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 net margin of 42.22% and a return on equity of 5.59%. During the same period in the previous year, the company posted $0.25 EPS. Analysts expect that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.335 per share. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend was Monday, March 31st. CareTrust REIT's dividend payout ratio (DPR) is presently 145.65%.

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.