Massachusetts Financial Services Co. MA Grows Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Massachusetts Financial Services Co. MA boosted its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 57.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 235,293 shares of the real estate investment trust's stock after purchasing an additional 85,508 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.13% of CareTrust REIT worth $6,725,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in CareTrust REIT by 18.5% during the 4th 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 during the period. FMR LLC raised its stake in CareTrust REIT by 51.8% during the 4th 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 period. Geode Capital Management LLC raised its stake in CareTrust REIT by 23.8% during the 4th quarter. Geode Capital Management LLC now owns 4,620,274 shares of the real estate investment trust's stock valued at $125,006,000 after purchasing an additional 887,665 shares during the period. Balyasny Asset Management L.P. raised its stake in CareTrust REIT by 149.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock valued at $73,269,000 after purchasing an additional 1,623,297 shares during the period. Finally, Northern Trust Corp increased its stake in CareTrust REIT by 45.1% in the 4th quarter. Northern Trust Corp now owns 2,469,640 shares of the real estate investment trust's stock worth $66,804,000 after acquiring an additional 767,640 shares during the last quarter. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Trading Up 0.0%

Shares of NASDAQ CTRE opened at $30.30 on Friday. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $29.64 and a two-hundred day simple moving average of $28.14. The firm has a market cap of $5.81 billion, a PE ratio of 38.35, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $33.15.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a yield of 4.42%. The ex-dividend date was Monday, June 30th. CareTrust REIT's dividend payout ratio is currently 145.65%.

Analyst Ratings Changes

Separately, Wells Fargo & Company lifted their price objective on CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note on Monday, June 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.

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.

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