Jennison Associates LLC Makes New Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Jennison Associates LLC purchased a new position in CareTrust REIT, Inc. (NASDAQ:CTRE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,602 shares of the real estate investment trust’s stock, valued at approximately $685,000.

Several other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in CareTrust REIT by 8.1% in the third quarter. Wellington Management Group LLP now owns 7,211,404 shares of the real estate investment trust’s stock worth $147,834,000 after acquiring an additional 542,832 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in CareTrust REIT by 1.8% in the third quarter. Victory Capital Management Inc. now owns 1,065,483 shares of the real estate investment trust’s stock worth $21,842,000 after acquiring an additional 19,046 shares in the last quarter. Raymond James & Associates boosted its holdings in CareTrust REIT by 16.0% in the fourth quarter. Raymond James & Associates now owns 663,887 shares of the real estate investment trust’s stock worth $14,858,000 after acquiring an additional 91,670 shares in the last quarter. Invesco Ltd. boosted its holdings in CareTrust REIT by 4.0% in the third quarter. Invesco Ltd. now owns 632,967 shares of the real estate investment trust’s stock worth $12,976,000 after acquiring an additional 24,171 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in CareTrust REIT by 6.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 527,438 shares of the real estate investment trust’s stock worth $11,804,000 after acquiring an additional 30,280 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Up 1.5 %

Shares of CTRE stock opened at $24.31 on Friday. The stock has a 50 day moving average of $23.68 and a 200 day moving average of $22.66. The company has a current ratio of 8.67, a quick ratio of 8.67 and a debt-to-equity ratio of 0.42. The stock has a market cap of $3.28 billion, a P/E ratio of 49.61 and a beta of 1.05. CareTrust REIT, Inc. has a twelve month low of $18.18 and a twelve month high of $24.62.

CareTrust REIT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.29 per share. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend was Wednesday, March 27th. CareTrust REIT’s dividend payout ratio (DPR) is currently 236.73%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CTRE. KeyCorp raised their price target on CareTrust REIT from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, January 5th. Deutsche Bank Aktiengesellschaft began coverage on CareTrust REIT in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 target price for the company. Finally, Royal Bank of Canada decreased their target price on CareTrust REIT from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.57.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.