Jennison Associates LLC Invests $1.21 Million in CareTrust REIT, Inc. (NASDAQ:CTRE)

Jennison Associates LLC purchased a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 39,283 shares of the real estate investment trust’s stock, valued at approximately $1,212,000.

Other hedge funds have also bought and sold shares of the company. J. W. Coons Advisors LLC purchased a new stake in shares of CareTrust REIT during the 3rd quarter valued at $213,000. Quest Partners LLC grew its position in CareTrust REIT by 3,655.5% during the third quarter. Quest Partners LLC now owns 60,313 shares of the real estate investment trust’s stock valued at $1,861,000 after buying an additional 58,707 shares during the period. Swiss National Bank increased its holdings in CareTrust REIT by 4.4% during the third quarter. Swiss National Bank now owns 277,349 shares of the real estate investment trust’s stock worth $8,559,000 after buying an additional 11,800 shares during the last quarter. CIBC Asset Management Inc bought a new stake in CareTrust REIT in the third quarter worth about $238,000. Finally, Nicola Wealth Management LTD. boosted its stake in CareTrust REIT by 15.6% in the third quarter. Nicola Wealth Management LTD. now owns 30,305 shares of the real estate investment trust’s stock valued at $935,000 after acquiring an additional 4,100 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This represents a 11.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.75% of the stock is owned by company insiders.

CareTrust REIT Trading Down 1.4 %

Shares of CTRE stock opened at $30.30 on Friday. The stock has a market capitalization of $5.19 billion, a price-to-earnings ratio of 42.08 and a beta of 1.09. The company’s fifty day simple moving average is $30.77 and its two-hundred day simple moving average is $28.12. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same quarter in the previous year, the firm posted $0.35 earnings per share. As a group, analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.83%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s payout ratio is 161.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets raised their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Royal Bank of Canada raised their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.