Wells Fargo & Company Has Lowered Expectations for CareTrust REIT (NASDAQ:CTRE) Stock Price

CareTrust REIT (NASDAQ:CTRE) had its price objective lowered by investment analysts at Wells Fargo & Company from $34.00 to $31.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 18.43% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Royal Bank of Canada cut their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, CareTrust REIT currently has a consensus rating of “Hold” and an average target price of $30.33.

CareTrust REIT Price Performance

Shares of CareTrust REIT stock traded up $0.33 during trading on Monday, reaching $26.18. 55,296 shares of the company’s stock were exchanged, compared to its average volume of 1,747,474. The firm’s 50-day moving average price is $26.41 and its 200 day moving average price is $28.74. The company has a market cap of $4.91 billion, a P/E ratio of 33.10, a PEG ratio of 1.25 and a beta of 1.11. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT has a 1-year low of $23.26 and a 1-year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last posted its earnings results 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 quarter in the prior year, the firm posted $0.25 earnings per share. As a group, research analysts anticipate that CareTrust REIT will post 1.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CTRE. JPMorgan Chase & Co. boosted its holdings in shares of CareTrust REIT by 381.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock worth $212,267,000 after buying an additional 5,448,904 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in CareTrust REIT by 22.4% in the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock valued at $13,264,000 after acquiring an additional 78,560 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of CareTrust REIT during the 3rd quarter valued at approximately $7,475,000. Principal Financial Group Inc. raised its holdings in shares of CareTrust REIT by 5.2% in the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock worth $25,870,000 after purchasing an additional 41,623 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of CareTrust REIT by 7.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock worth $115,209,000 after purchasing an additional 258,271 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

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.