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

Massachusetts Financial Services Co. MA grew its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 57.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 235,293 shares of the real estate investment trust's stock after acquiring 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 reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings 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 worth $738,482,000 after purchasing an additional 4,263,097 shares during the period. 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 worth $214,586,000 after purchasing an additional 2,708,050 shares during the period. Geode Capital Management LLC lifted its holdings in shares of CareTrust REIT by 23.8% during 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 purchasing an additional 887,665 shares during the period. Balyasny Asset Management L.P. lifted its holdings in shares of CareTrust REIT by 149.6% during the fourth 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 during the period. Finally, Northern Trust Corp lifted its holdings in shares of CareTrust REIT by 45.1% during the fourth quarter. Northern Trust Corp now owns 2,469,640 shares of the real estate investment trust's stock worth $66,804,000 after purchasing an additional 767,640 shares during the period. 87.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company raised their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research report 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.17.

CareTrust REIT Price Performance

Shares of NASDAQ CTRE traded up $0.52 during trading on Wednesday, hitting $31.29. 2,268,081 shares of the company were exchanged, compared to its average volume of 1,867,400. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 39.61, a PEG ratio of 1.25 and a beta of 0.84. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $33.15. The firm's fifty day moving average price is $29.79 and its 200 day moving average price is $28.21. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.335 per share. The ex-dividend date was Monday, June 30th. This represents a $1.34 annualized dividend and a dividend yield of 4.28%. CareTrust REIT's 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.