Envestnet Asset Management Inc. Has $4.45 Million Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Envestnet Asset Management Inc. trimmed its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 10.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,432 shares of the real estate investment trust's stock after selling 18,859 shares during the period. Envestnet Asset Management Inc. owned 0.10% of CareTrust REIT worth $4,448,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in CareTrust REIT by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock worth $738,482,000 after acquiring an additional 4,263,097 shares in the last quarter. JPMorgan Chase & Co. grew its position 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 worth $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. Geode Capital Management LLC grew its position in CareTrust REIT by 23.8% in the fourth quarter. Geode Capital Management LLC now owns 4,620,274 shares of the real estate investment trust's stock worth $125,006,000 after acquiring an additional 887,665 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in CareTrust REIT by 24.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock worth $78,220,000 after acquiring an additional 568,634 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of CareTrust REIT by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock worth $67,784,000 after buying an additional 126,280 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CTRE. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research note on Thursday, March 13th. Royal Bank of Canada reduced 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 note on Friday, February 21st. Wells Fargo & Company reduced 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 note on Monday, March 10th. Finally, Wedbush restated an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, CareTrust REIT currently has a consensus rating of "Moderate Buy" and an average price target of $31.00.

CareTrust REIT Stock Performance

NASDAQ:CTRE traded up $0.46 during trading hours on Tuesday, hitting $28.83. 1,431,541 shares of the company traded hands, compared to its average volume of 1,784,506. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 36.50, a P/E/G ratio of 1.25 and a beta of 0.88. CareTrust REIT, Inc. has a twelve month low of $24.35 and a twelve month high of $33.15. The firm has a 50-day moving average of $27.64 and a 200 day moving average of $28.19. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

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 the consensus estimate 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 quarter last year, the firm earned $0.25 EPS. On average, analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.335 dividend. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.65%. CareTrust REIT's dividend payout ratio is currently 169.62%.

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.