Wellington Management Group LLP Sells 1,854,164 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Wellington Management Group LLP trimmed its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 14.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,943,891 shares of the real estate investment trust's stock after selling 1,854,164 shares during the period. Wellington Management Group LLP owned about 5.83% of CareTrust REIT worth $296,032,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CTRE. Bank of Montreal Can boosted its holdings in shares of CareTrust REIT by 18.3% in the 3rd quarter. Bank of Montreal Can now owns 98,960 shares of the real estate investment trust's stock worth $3,044,000 after acquiring an additional 15,328 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in CareTrust REIT by 9.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,934 shares of the real estate investment trust's stock valued at $2,559,000 after purchasing an additional 6,979 shares in the last quarter. FMR LLC raised its position in CareTrust REIT by 209.9% in the 3rd 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. MetLife Investment Management LLC boosted its stake in CareTrust REIT by 3.8% in the third quarter. MetLife Investment Management LLC now owns 85,669 shares of the real estate investment trust's stock worth $2,644,000 after purchasing an additional 3,156 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of CareTrust REIT by 6.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,491 shares of the real estate investment trust's stock worth $1,712,000 after purchasing an additional 3,365 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on CTRE shares. Wells Fargo & Company cut their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, March 10th. BMO Capital Markets downgraded shares of CareTrust REIT from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Wedbush reissued an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Royal Bank of Canada dropped their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $31.00.

CareTrust REIT Trading Down 3.0 %

Shares of NASDAQ:CTRE traded down $0.88 during trading on Friday, hitting $27.98. 3,984,945 shares of the company's stock were exchanged, compared to its average volume of 1,741,841. 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 firm has a market cap of $5.25 billion, a P/E ratio of 35.41, a PEG ratio of 1.25 and a beta of 0.88. The firm has a 50-day moving average price of $27.03 and a two-hundred day moving average price of $28.50. CareTrust REIT, Inc. has a 1-year low of $23.26 and a 1-year high of $33.15.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) 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 quarter last year, the business posted $0.25 EPS. Equities analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.335 dividend. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date is Monday, March 31st. This represents a $1.34 annualized dividend and a yield of 4.79%. CareTrust REIT's dividend payout ratio is presently 169.62%.

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.