CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been given an average rating of “Moderate Buy” by the six research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $31.17.

Several brokerages have weighed in on CTRE. Wedbush reaffirmed an “underperform” rating and set a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Thursday, March 13th. Finally, Wells Fargo & Company increased their target price on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, June 2nd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CTRE. Vanguard Group Inc. boosted its stake in shares of CareTrust REIT by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust’s stock valued at $738,482,000 after purchasing an additional 4,263,097 shares during the period. FMR LLC boosted its stake in shares of CareTrust REIT by 51.8% in the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust’s stock valued at $214,586,000 after purchasing an additional 2,708,050 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CareTrust REIT in the fourth quarter valued at approximately $49,048,000. Nuveen LLC purchased a new position in shares of CareTrust REIT in the first quarter valued at approximately $49,049,000. Finally, Balyasny Asset Management L.P. boosted its stake in shares of CareTrust REIT by 149.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust’s stock valued at $73,269,000 after purchasing an additional 1,623,297 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Price Performance

CareTrust REIT stock opened at $30.53 on Friday. CareTrust REIT has a 12-month low of $24.57 and a 12-month high of $33.15. The stock has a market cap of $5.85 billion, a P/E ratio of 38.64, a PEG ratio of 1.25 and a beta of 0.83. The company has a 50-day moving average price of $28.99 and a 200 day moving average price of $27.80. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend is Monday, June 30th. CareTrust REIT’s payout ratio is 145.65%.

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.