CareTrust REIT (NASDAQ:CTRE) Reaches New 1-Year High - Time to Buy?

Key Points

• CareTrust REIT reached a new 52-week high, trading at $33.52 during the day and closing at $32.76, indicating strong market interest.
• Wells Fargo upgraded its target price for CareTrust REIT from $31.00 to $32.00 and rated it as "overweight," reflecting positive analyst sentiment.
• The company recently declared a quarterly dividend of $0.335, yielding 4.1%, despite a high dividend payout ratio of 145.65%.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $33.52 and last traded at $32.76, with a volume of 197453 shares trading hands. The stock had previously closed at $32.65.

Analyst Ratings Changes

Separately, Wells Fargo & Company lifted their target price on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $31.17.

CareTrust REIT Price Performance

The company has a fifty day moving average of $30.37 and a 200-day moving average of $28.57. The firm has a market cap of $6.31 billion, a P/E ratio of 41.68, a P/E/G ratio of 1.25 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

CareTrust REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, June 30th. CareTrust REIT's dividend payout ratio is 145.65%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CTRE. D.A. Davidson & CO. boosted its stake in CareTrust REIT by 0.8% in 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 purchasing an additional 327 shares during the period. J. W. Coons Advisors LLC raised its holdings in shares of CareTrust REIT by 4.1% in the 1st quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust's stock valued at $254,000 after acquiring an additional 347 shares in the last quarter. 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 valued at $248,000 after acquiring an additional 382 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of CareTrust REIT by 2.3% in the 4th quarter. Quantinno Capital Management LP now owns 17,482 shares of the real estate investment trust's stock valued at $473,000 after acquiring an additional 385 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in shares of CareTrust REIT by 4.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,022 shares of the real estate investment trust's stock valued at $286,000 after acquiring an additional 435 shares in the last quarter. 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.

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