Hudson Bay Capital Management LP Lowers Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Hudson Bay Capital Management LP trimmed its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 78.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 241,595 shares of the real estate investment trust's stock after selling 896,587 shares during the period. Hudson Bay Capital Management LP owned approximately 0.14% of CareTrust REIT worth $6,535,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. raised its holdings in shares of CareTrust REIT by 144.3% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 458,744 shares of the real estate investment trust's stock valued at $12,409,000 after purchasing an additional 270,951 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in CareTrust REIT during the fourth quarter valued at approximately $4,704,000. Cetera Investment Advisers grew its position in CareTrust REIT by 19.1% during the fourth quarter. Cetera Investment Advisers now owns 32,431 shares of the real estate investment trust's stock valued at $877,000 after buying an additional 5,208 shares during the period. Centiva Capital LP bought a new stake in CareTrust REIT during the fourth quarter valued at approximately $1,696,000. Finally, BOKF NA grew its position in CareTrust REIT by 49.3% during the fourth quarter. BOKF NA now owns 12,314 shares of the real estate investment trust's stock valued at $321,000 after buying an additional 4,065 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Price Performance

Shares of CTRE traded up $0.53 during mid-day trading on Friday, reaching $29.17. The stock had a trading volume of 1,110,513 shares, compared to its average volume of 1,808,660. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 36.92, a PEG ratio of 1.25 and a beta of 0.88. CareTrust REIT, Inc. has a 12 month low of $24.35 and a 12 month high of $33.15. The business has a fifty day moving average of $28.42 and a 200 day moving average of $28.00. 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 (NASDAQ:CTRE - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same quarter in the prior year, the business earned $0.25 earnings per share. Equities analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

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 given a $0.335 dividend. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date was Monday, March 31st. CareTrust REIT's dividend payout ratio is presently 145.65%.

Analyst Ratings Changes

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

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.