Wedbush Downgrades CareTrust REIT (NASDAQ:CTRE) to Underperform

CareTrust REIT (NASDAQ:CTRE) was downgraded by investment analysts at Wedbush from a “neutral” rating to an “underperform” rating in a report released on Thursday, Marketbeat reports. They currently have a $26.00 price target on the real estate investment trust’s stock, down from their previous price target of $34.00. Wedbush’s target price suggests a potential downside of 3.88% from the stock’s current price.

A number of other research analysts have also issued reports on the company. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. KeyCorp upped their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $34.00 to $32.00 in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, CareTrust REIT presently has a consensus rating of “Hold” and a consensus price target of $30.67.

CareTrust REIT Stock Up 0.9 %

Shares of NASDAQ:CTRE opened at $27.05 on Thursday. CareTrust REIT 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. The stock has a market cap of $4.64 billion, a P/E ratio of 37.57, a P/E/G ratio of 1.59 and a beta of 1.08. The firm has a fifty day moving average price of $29.54 and a 200 day moving average price of $28.76.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings results 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 analysts’ expectations of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period in the prior year, the business earned $0.35 EPS. Sell-side analysts predict that CareTrust REIT will post 1.5 EPS for the current year.

Institutional Trading of CareTrust REIT

A number of institutional investors have recently added to or reduced their stakes in CTRE. Allspring Global Investments Holdings LLC lifted its position in shares of CareTrust REIT by 27.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 29,227 shares of the real estate investment trust’s stock valued at $734,000 after acquiring an additional 6,281 shares during the period. Rothschild Investment LLC acquired a new position in CareTrust REIT during the second quarter worth $34,000. Commonwealth Equity Services LLC boosted its position in CareTrust REIT by 12.3% during the second quarter. Commonwealth Equity Services LLC now owns 12,596 shares of the real estate investment trust’s stock worth $316,000 after purchasing an additional 1,375 shares in the last quarter. Van ECK Associates Corp grew its holdings in CareTrust REIT by 20.6% in the second quarter. Van ECK Associates Corp now owns 20,739 shares of the real estate investment trust’s stock valued at $521,000 after purchasing an additional 3,542 shares during the last quarter. Finally, Natixis Advisors LLC increased its position in shares of CareTrust REIT by 14.3% in the second quarter. Natixis Advisors LLC now owns 111,810 shares of the real estate investment trust’s stock valued at $2,806,000 after buying an additional 13,994 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

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.