CareTrust REIT (NASDAQ:CTRE) Earns Underperform Rating from Wedbush

CareTrust REIT (NASDAQ:CTRE)‘s stock had its “underperform” rating reiterated by equities researchers at Wedbush in a note issued to investors on Friday,Benzinga reports. They presently have a $26.00 price objective on the real estate investment trust’s stock. Wedbush’s target price indicates a potential downside of 7.39% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Royal Bank of Canada lowered their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Wells Fargo & Company lowered their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Trading Up 3.9 %

Shares of NASDAQ CTRE opened at $28.07 on Friday. The company’s 50 day simple moving average is $26.39 and its 200 day simple moving average is $28.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT has a fifty-two week low of $23.26 and a fifty-two week high of $33.15. The firm has a market capitalization of $5.27 billion, a P/E ratio of 35.54, a P/E/G ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same period last year, the firm earned $0.25 EPS. On average, analysts predict that CareTrust REIT will post 1.71 EPS for the current year.

Hedge Funds Weigh In On CareTrust REIT

Several hedge funds have recently made changes to their positions in CTRE. Advantage Trust Co acquired a new position in CareTrust REIT during the fourth quarter worth $30,000. 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 acquiring an additional 743 shares in the last quarter. Blue Trust Inc. raised its holdings in CareTrust REIT by 50.0% during the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 603 shares in the last quarter. Quarry LP boosted its position in CareTrust REIT by 463.5% during the fourth quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,525 shares during the last quarter. Finally, Glen Eagle Advisors LLC bought a new position in CareTrust REIT in the fourth quarter valued at approximately $56,000. 87.77% of the stock is owned by institutional investors.

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.