World Investment Advisors LLC Invests $407,000 in CareTrust REIT, Inc. (NASDAQ:CTRE)

World Investment Advisors LLC bought a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) in the third quarter, Holdings Channel reports. The fund bought 13,174 shares of the real estate investment trust’s stock, valued at approximately $407,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Sanctuary Advisors LLC increased its position in shares of CareTrust REIT by 15.9% in the third quarter. Sanctuary Advisors LLC now owns 15,186 shares of the real estate investment trust’s stock worth $460,000 after purchasing an additional 2,081 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of CareTrust REIT by 15.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 145,115 shares of the real estate investment trust’s stock worth $4,478,000 after purchasing an additional 19,839 shares during the period. Geode Capital Management LLC increased its position in shares of CareTrust REIT by 7.4% in the third 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. Vestcor Inc increased its position in shares of CareTrust REIT by 1,846.2% in the third quarter. Vestcor Inc now owns 133,703 shares of the real estate investment trust’s stock worth $4,126,000 after purchasing an additional 126,833 shares during the period. Finally, M&T Bank Corp increased its position in shares of CareTrust REIT by 11.5% in the third quarter. M&T Bank Corp now owns 13,280 shares of the real estate investment trust’s stock worth $410,000 after purchasing an additional 1,374 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price target on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Finally, KeyCorp lifted their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

CareTrust REIT Stock Performance

CareTrust REIT stock opened at $28.53 on Wednesday. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $30.30 and its two-hundred day moving average price is $28.64. The stock has a market cap of $4.89 billion, a PE ratio of 39.63, a P/E/G ratio of 1.59 and a beta of 1.07.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.08). The firm had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is currently 161.11%.

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.