Wealth Quarterback LLC Acquires New Stake in CareTrust REIT, Inc. $CTRE

Wealth Quarterback LLC acquired a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,751 shares of the real estate investment trust’s stock, valued at approximately $237,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ibex Wealth Advisors bought a new stake in CareTrust REIT in the 2nd quarter valued at approximately $6,932,000. Illinois Municipal Retirement Fund raised its holdings in shares of CareTrust REIT by 11.8% in the second quarter. Illinois Municipal Retirement Fund now owns 100,454 shares of the real estate investment trust’s stock valued at $3,074,000 after purchasing an additional 10,590 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CareTrust REIT by 1,119.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 264,592 shares of the real estate investment trust’s stock valued at $8,097,000 after purchasing an additional 242,897 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of CareTrust REIT by 6.5% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 137,887 shares of the real estate investment trust’s stock worth $4,219,000 after purchasing an additional 8,396 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in CareTrust REIT by 11.3% during the second quarter. Los Angeles Capital Management LLC now owns 89,935 shares of the real estate investment trust’s stock worth $2,752,000 after purchasing an additional 9,105 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Trading Down 0.4%

Shares of NASDAQ:CTRE opened at $36.50 on Wednesday. CareTrust REIT, Inc. has a 52-week low of $24.79 and a 52-week high of $37.19. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market capitalization of $8.15 billion, a P/E ratio of 46.20, a price-to-earnings-growth ratio of 1.25 and a beta of 0.81. The company has a 50-day simple moving average of $34.59 and a 200 day simple moving average of $32.08.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is presently 100.00%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CTRE. Cantor Fitzgerald began coverage on shares of CareTrust REIT in a research report on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 target price for the company. Raymond James Financial set a $39.00 price objective on CareTrust REIT and gave the company a “strong-buy” rating in a report on Tuesday, September 2nd. Royal Bank Of Canada lifted their target price on CareTrust REIT from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday. KeyCorp increased their price target on CareTrust REIT from $33.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, August 14th. Finally, Wells Fargo & Company boosted their price target on CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

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.