Geode Capital Management LLC Grows Position in CareTrust REIT, Inc. $CTRE

Geode Capital Management LLC increased its position in shares of CareTrust REIT, Inc. (NYSE:CTRE) by 7.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 6,092,398 shares of the company’s stock after buying an additional 409,411 shares during the quarter. Geode Capital Management LLC’s holdings in CareTrust REIT were worth $220,332,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CTRE. Vanguard Group Inc. increased its stake in shares of CareTrust REIT by 14.1% during the third quarter. Vanguard Group Inc. now owns 32,973,216 shares of the company’s stock worth $1,143,511,000 after buying an additional 4,067,975 shares during the period. Hudson Bay Capital Management LP increased its stake in shares of CareTrust REIT by 713.4% during the third quarter. Hudson Bay Capital Management LP now owns 1,710,528 shares of the company’s stock worth $59,321,000 after buying an additional 1,989,394 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of CareTrust REIT by 114.4% during the third quarter. Daiwa Securities Group Inc. now owns 3,238,307 shares of the company’s stock worth $112,305,000 after buying an additional 1,728,043 shares during the period. State Street Corp increased its stake in shares of CareTrust REIT by 11.7% during the third quarter. State Street Corp now owns 12,206,572 shares of the company’s stock worth $427,336,000 after buying an additional 1,277,378 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of CareTrust REIT during the fourth quarter worth approximately $39,742,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock opened at $38.73 on Wednesday. The firm has a market capitalization of $9.15 billion, a P/E ratio of 24.82, a P/E/G ratio of 1.78 and a beta of 0.76. CareTrust REIT, Inc. has a 52 week low of $27.81 and a 52 week high of $43.08. The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.22. The firm’s 50 day moving average is $39.39 and its two-hundred day moving average is $38.41.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.0%. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.34. The ex-dividend date was Tuesday, March 31st. CareTrust REIT’s payout ratio is 100.00%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CTRE. Zacks Research upgraded shares of CareTrust REIT from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. UBS Group increased their price target on shares of CareTrust REIT from $44.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. Cantor Fitzgerald increased their price target on shares of CareTrust REIT from $37.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, February 17th. Mizuho set a $45.00 price target on shares of CareTrust REIT in a research note on Friday, May 22nd. Finally, KeyCorp reiterated an “overweight” rating and issued a $46.00 price target on shares of CareTrust REIT in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT has a consensus rating of “Buy” and an average target price of $44.09.

CareTrust REIT Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.