Hudson Bay Capital Management LP Sells 896,587 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Hudson Bay Capital Management LP lessened its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 78.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 241,595 shares of the real estate investment trust’s stock after selling 896,587 shares during the period. Hudson Bay Capital Management LP owned approximately 0.14% of CareTrust REIT worth $6,535,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CTRE. Signaturefd LLC grew its stake in shares of CareTrust REIT by 20.3% in the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 443 shares during the last quarter. WealthShield Partners LLC grew its stake in shares of CareTrust REIT by 1.0% in the fourth quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust’s stock worth $1,343,000 after purchasing an additional 490 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of CareTrust REIT by 4.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust’s stock worth $308,000 after purchasing an additional 534 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of CareTrust REIT by 5.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,777 shares of the real estate investment trust’s stock worth $319,000 after purchasing an additional 601 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of CareTrust REIT by 50.0% in the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 603 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CTRE shares. Wells Fargo & Company reduced their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Royal Bank of Canada reduced their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Thursday, March 13th. Finally, Wedbush reaffirmed an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Stock Performance

Shares of CTRE opened at $29.14 on Monday. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $5.59 billion, a P/E ratio of 36.89, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The firm’s fifty day simple moving average is $28.16 and its two-hundred day simple moving average is $28.08. CareTrust REIT, Inc. has a 12 month low of $24.35 and a 12 month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly 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 net margin of 42.22% and a return on equity of 5.59%. During the same quarter in the prior year, the firm posted $0.25 EPS. As a group, analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.60%. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s dividend payout ratio is currently 145.65%.

CareTrust REIT 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.