Wells Fargo & Company Cuts CareTrust REIT (NASDAQ:CTRE) Price Target to $31.00

CareTrust REIT (NASDAQ:CTRE) had its target price lowered by Wells Fargo & Company from $34.00 to $31.00 in a research note issued to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also weighed in on the company. Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $34.00 to $26.00 in a research report on Thursday, January 2nd. Royal Bank of Canada dropped their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Finally, BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, CareTrust REIT has an average rating of “Hold” and an average price target of $30.33.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $26.97 on Monday. The stock has a market capitalization of $5.06 billion, a PE ratio of 34.14, a P/E/G ratio of 1.25 and a beta of 1.11. The business has a 50 day simple moving average of $26.37 and a two-hundred day simple moving average of $28.70. 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 has a 1-year low of $23.26 and a 1-year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last announced its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS 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 period in the previous year, the firm posted $0.25 earnings per share. On average, research analysts predict that CareTrust REIT will post 1.71 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.29 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.30%. CareTrust REIT’s dividend payout ratio (DPR) is presently 146.84%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in CareTrust REIT by 18.5% in 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 acquiring an additional 4,263,097 shares during the period. Wellington Management Group LLP grew its holdings in shares of CareTrust REIT by 5.5% during the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after purchasing an additional 670,348 shares during the last quarter. State Street Corp grew its holdings in shares of CareTrust REIT by 6.7% during the third quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock worth $259,255,000 after buying an additional 520,783 shares during the last quarter. FMR LLC grew 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 buying an additional 2,708,050 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in CareTrust REIT by 381.2% in 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 purchasing an additional 5,448,904 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

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.