Zimmer Partners LP Decreases Stock Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Zimmer Partners LP reduced its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 15.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,922,828 shares of the real estate investment trust's stock after selling 526,787 shares during the quarter. CareTrust REIT makes up about 1.4% of Zimmer Partners LP's holdings, making the stock its 21st largest position. Zimmer Partners LP owned about 1.70% of CareTrust REIT worth $79,062,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Squarepoint Ops LLC boosted its holdings in shares of CareTrust REIT by 406.1% in the fourth quarter. Squarepoint Ops LLC now owns 216,196 shares of the real estate investment trust's stock worth $5,848,000 after acquiring an additional 173,477 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of CareTrust REIT by 70.9% in the fourth quarter. Two Sigma Advisers LP now owns 2,388,900 shares of the real estate investment trust's stock worth $64,620,000 after acquiring an additional 991,400 shares during the period. Two Sigma Investments LP raised its holdings in shares of CareTrust REIT by 61.6% in the 4th quarter. Two Sigma Investments LP now owns 2,008,837 shares of the real estate investment trust's stock valued at $54,339,000 after acquiring an additional 766,073 shares in the last quarter. State of Wyoming bought a new stake in shares of CareTrust REIT during the 4th quarter valued at about $152,000. Finally, ProShare Advisors LLC boosted its position in shares of CareTrust REIT by 20.6% during the 4th quarter. ProShare Advisors LLC now owns 318,080 shares of the real estate investment trust's stock valued at $8,604,000 after acquiring an additional 54,396 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company dropped their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Royal Bank of Canada dropped their price target on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Wedbush reiterated an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a research report on Thursday, March 13th. One 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's stock. According to MarketBeat, CareTrust REIT presently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

CareTrust REIT Price Performance

CTRE stock traded up $0.27 during mid-day trading on Friday, hitting $28.59. 1,059,090 shares of the stock were exchanged, compared to its average volume of 1,820,899. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The business has a fifty day moving average price of $28.50 and a 200 day moving average price of $27.92. CareTrust REIT, Inc. has a 12 month low of $24.35 and a 12 month high of $33.15. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 1.25 and a beta of 0.88.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.34 annualized dividend and a yield of 4.69%. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's payout ratio is 145.65%.

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.