CareTrust REIT (NASDAQ:CTRE) Given New $32.00 Price Target at Royal Bank of Canada

CareTrust REIT (NASDAQ:CTRE) had its price objective reduced by equities research analysts at Royal Bank of Canada from $37.00 to $32.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price points to a potential upside of 28.47% from the stock’s previous close.

Several other research analysts have also commented on CTRE. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $30.83.

CareTrust REIT Stock Down 2.8 %

CTRE stock traded down $0.71 during trading on Friday, hitting $24.91. 463,912 shares of the company’s stock were exchanged, compared to its average volume of 1,705,322. The business has a 50-day moving average price of $26.81 and a two-hundred day moving average price of $28.88. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 1.26 and a beta of 1.09. CareTrust REIT has a 52-week low of $22.46 and a 52-week high of $33.15. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate 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 in the previous year, the firm posted $0.25 EPS. As a group, equities research analysts expect that CareTrust REIT will post 1.71 EPS for the current year.

Hedge Funds Weigh In On CareTrust REIT

Several large investors have recently added to or reduced their stakes in the business. CWM LLC increased its stake in CareTrust REIT by 16.8% during the third quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 467 shares during the last quarter. Creative Planning grew its stake in shares of CareTrust REIT by 76.6% in the third quarter. Creative Planning now owns 62,378 shares of the real estate investment trust’s stock valued at $1,925,000 after buying an additional 27,048 shares in the last quarter. Blue Trust Inc. boosted its holdings in CareTrust REIT by 178.3% in the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 772 shares during the last quarter. Raymond James & Associates boosted its holdings in 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 valued at $21,138,000 after purchasing an additional 65,756 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in CareTrust REIT by 31.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,465 shares of the real estate investment trust’s stock valued at $1,187,000 after purchasing an additional 9,238 shares during the last quarter. 87.77% of the stock is currently owned by hedge funds and other 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.