Zimmer Partners LP Buys 194,028 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Zimmer Partners LP boosted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,449,615 shares of the real estate investment trust’s stock after purchasing an additional 194,028 shares during the quarter. CareTrust REIT makes up 1.9% of Zimmer Partners LP’s investment portfolio, making the stock its 15th largest position. Zimmer Partners LP owned about 2.01% of CareTrust REIT worth $106,455,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CTRE. Hsbc Holdings PLC increased its holdings in CareTrust REIT by 25.4% during the 2nd quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock worth $2,618,000 after acquiring an additional 21,145 shares during the period. Raymond James & Associates increased its holdings in shares of CareTrust REIT by 10.6% in the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after purchasing an additional 65,756 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in CareTrust REIT in the 3rd quarter worth about $7,475,000. Sanctuary Advisors LLC bought a new position in CareTrust REIT in the 2nd quarter worth about $319,000. Finally, Eagle Asset Management Inc. increased its stake in CareTrust REIT by 22.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock worth $13,264,000 after acquiring an additional 78,560 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Price Performance

CTRE stock opened at $29.34 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60. CareTrust REIT, Inc. has a 52 week low of $20.10 and a 52 week high of $33.15. The firm’s fifty day moving average is $30.53 and its 200 day moving average is $28.45. The firm has a market cap of $5.03 billion, a P/E ratio of 20.29 and a beta of 1.07.

CareTrust REIT (NASDAQ:CTRE) last announced 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). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The company had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. During the same period last year, the business posted $0.35 earnings per share. Research analysts predict that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio is 161.11%.

Analysts Set New Price Targets

Several research analysts recently weighed in on CTRE shares. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $28.00 to $34.00 in a research 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 increased their price target 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 given a buy rating to the company’s stock. According to MarketBeat, CareTrust REIT 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.