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

CareTrust REIT, Inc. (NASDAQ:CTRE) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $33.8750.

CTRE has been the subject of several research reports. Wells Fargo & Company raised their target price on CareTrust REIT from $32.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, August 27th. Raymond James Financial set a $39.00 price target on CareTrust REIT and gave the company a “strong-buy” rating in a research note on Tuesday, September 2nd. KeyCorp lifted their price target on CareTrust REIT from $33.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Royal Bank Of Canada reiterated an “outperform” rating on shares of CareTrust REIT in a research note on Monday, August 11th. Finally, Cantor Fitzgerald began coverage on CareTrust REIT in a research note on Wednesday, October 1st. They set a “neutral” rating and a $37.00 price target for the company.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock opened at $33.87 on Thursday. 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 business has a 50-day moving average price of $34.37 and a two-hundred day moving average price of $31.60. CareTrust REIT has a 1-year low of $24.79 and a 1-year high of $35.81. The company has a market cap of $7.39 billion, a P/E ratio of 42.88, a PEG ratio of 1.25 and a beta of 0.82.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.335 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.34 annualized dividend and a dividend yield of 4.0%. CareTrust REIT’s dividend payout ratio (DPR) is currently 111.67%.

Hedge Funds Weigh In On CareTrust REIT

Several hedge funds have recently modified their holdings of the company. World Investment Advisors lifted its position in shares of CareTrust REIT by 1.3% during the 3rd quarter. World Investment Advisors now owns 23,104 shares of the real estate investment trust’s stock worth $801,000 after buying an additional 306 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of CareTrust REIT by 0.8% during the 2nd quarter. D.A. Davidson & CO. now owns 39,849 shares of the real estate investment trust’s stock worth $1,219,000 after buying an additional 327 shares in the last quarter. SageView Advisory Group LLC lifted its position in shares of CareTrust REIT by 2.9% during the 2nd quarter. SageView Advisory Group LLC now owns 11,900 shares of the real estate investment trust’s stock worth $364,000 after buying an additional 332 shares in the last quarter. J. W. Coons Advisors LLC lifted its position in shares of CareTrust REIT by 4.1% during the 1st quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust’s stock worth $254,000 after buying an additional 347 shares in the last quarter. Finally, Norinchukin Bank The raised its holdings in shares of CareTrust REIT by 4.6% in the 1st quarter. Norinchukin Bank The now owns 8,662 shares of the real estate investment trust’s stock worth $248,000 after purchasing an additional 382 shares during the period. Institutional investors own 87.77% of the company’s stock.

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.