Mackenzie Financial Corp Buys 52,502 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Mackenzie Financial Corp grew its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 254.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,151 shares of the real estate investment trust's stock after buying an additional 52,502 shares during the period. Mackenzie Financial Corp's holdings in CareTrust REIT were worth $1,979,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust's stock valued at $212,267,000 after acquiring an additional 5,448,904 shares during the period. Vanguard Group Inc. increased its stake in shares of CareTrust REIT by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock valued at $738,482,000 after purchasing an additional 4,263,097 shares in the last quarter. FMR LLC lifted its holdings in shares of CareTrust REIT by 51.8% during the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock valued at $214,586,000 after purchasing an additional 2,708,050 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of CareTrust REIT in the 4th quarter worth approximately $49,048,000. Finally, Balyasny Asset Management L.P. boosted its position in shares of CareTrust REIT by 149.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock worth $73,269,000 after purchasing an additional 1,623,297 shares in the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price on the stock in a research note on Thursday, March 13th. Royal Bank of Canada dropped their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. Wedbush restated an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Wells Fargo & Company lifted their target price on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday. One equities 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.

CareTrust REIT Stock Performance

Shares of NASDAQ:CTRE traded up $0.21 during midday trading on Wednesday, reaching $29.02. 773,420 shares of the company's stock traded hands, compared to its average volume of 1,817,919. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT, Inc. has a one year low of $24.35 and a one year high of $33.15. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 36.73, a P/E/G ratio of 1.25 and a beta of 0.88. The stock has a 50 day moving average of $28.49 and a 200 day moving average of $27.84.

CareTrust REIT Increases Dividend

The business also recently announced 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 4.62%. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's dividend payout ratio is currently 145.65%.

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.