Harvest Fund Management Co. Ltd Takes Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Harvest Fund Management Co. Ltd acquired a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,816 shares of the real estate investment trust’s stock, valued at approximately $210,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pitcairn Co. grew its position in shares of CareTrust REIT by 5.3% during the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock valued at $415,000 after purchasing an additional 671 shares in the last quarter. Citigroup Inc. grew its position in CareTrust REIT by 8.1% during the third quarter. Citigroup Inc. now owns 198,070 shares of the real estate investment trust’s stock worth $6,112,000 after buying an additional 14,801 shares in the last quarter. Eagle Asset Management Inc. grew its position in CareTrust REIT by 22.4% during the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock worth $13,264,000 after buying an additional 78,560 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in CareTrust REIT by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,323,045 shares of the real estate investment trust’s stock worth $71,689,000 after acquiring an additional 132,874 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of CareTrust REIT in the 3rd quarter valued at about $2,391,000. Institutional investors own 87.77% of the company’s stock.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The trade was a 11.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is currently owned by company insiders.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $29.91 on Thursday. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of 41.54 and a beta of 1.09. The company has a 50-day simple moving average of $30.73 and a two-hundred day simple moving average of $28.24. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the previous year, the business earned $0.35 earnings per share. On average, equities analysts forecast that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.88%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s payout ratio is 161.11%.

Wall Street Analysts Forecast Growth

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

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.