CareTrust REIT (NASDAQ:CTRE) Stock Rating Lowered by Wedbush

CareTrust REIT (NASDAQ:CTRE) was downgraded by analysts at Wedbush from a “neutral” rating to an “underperform” rating in a report issued on Thursday, Marketbeat reports. They presently have a $26.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $34.00. Wedbush’s price target indicates a potential downside of 2.77% from the stock’s current price.

CTRE has been the topic of a number of other research reports. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. KeyCorp increased their price objective on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, CareTrust REIT currently has an average rating of “Hold” and an average price target of $30.67.

CareTrust REIT Stock Performance

CTRE stock opened at $26.74 on Thursday. The firm has a 50 day simple moving average of $29.37 and a 200 day simple moving average of $28.75. The stock has a market cap of $4.58 billion, a P/E ratio of 37.14, a P/E/G ratio of 1.59 and a beta of 1.08. CareTrust REIT has a 52 week low of $20.10 and a 52 week high of $33.15. 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 (NASDAQ:CTRE) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). The firm had revenue of $77.38 million during 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 period in the previous year, the firm posted $0.35 EPS. Research analysts anticipate that CareTrust REIT will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CareTrust REIT

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTRE. Newbridge Financial Services Group Inc. acquired a new position in CareTrust REIT during the 2nd quarter worth about $27,000. Rothschild Investment LLC acquired a new position in CareTrust REIT in the second quarter valued at about $34,000. Blue Trust Inc. boosted its holdings in CareTrust REIT by 178.3% during the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 772 shares during the last quarter. Quest Partners LLC acquired a new position in CareTrust REIT during the second quarter valued at approximately $40,000. Finally, Versant Capital Management Inc grew its holdings in shares of CareTrust REIT by 98.8% in the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 743 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.