CareTrust REIT (NYSE:CTRE) Hits New 12-Month High - Time to Buy?

Key Points

• CareTrust REIT shares hit a new 52-week high, trading as high as $43.60 as investors pushed the stock above its recent range.
• Wall Street sentiment remains positive, with several firms raising price targets; the consensus rating is Moderate Buy and the average price target is $44.82.
• The company recently paid a quarterly dividend of $0.39 per share, equal to a 3.7% annualized yield, though the payout ratio is currently listed at 100%.

CareTrust REIT, Inc. (NYSE:CTRE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $43.60 and last traded at $42.3710, with a volume of 3040799 shares. The stock had previously closed at $43.40.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. BMO Capital Markets increased their price objective on CareTrust REIT from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, June 15th. Mizuho set a $45.00 target price on shares of CareTrust REIT in a research report on Friday, May 22nd. Wells Fargo & Company upped their price target on CareTrust REIT from $42.00 to $47.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Raymond James Financial initiated coverage on shares of CareTrust REIT in a research note on Tuesday, June 16th. They issued an "outperform" rating and a $43.00 price objective on the stock. Finally, KeyCorp reiterated an "overweight" rating and set a $46.00 price target on shares of CareTrust REIT in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $44.82.

CareTrust REIT Stock Performance

The business has a 50 day moving average of $39.98 and a 200-day moving average of $39.13. The company has a market capitalization of $10.01 billion, a P/E ratio of 27.16, a price-to-earnings-growth ratio of 1.95 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.37 and a current ratio of 2.38.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.39 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.56 annualized dividend and a dividend yield of 3.7%. CareTrust REIT's dividend payout ratio (DPR) is presently 100.00%.

Institutional Trading of CareTrust REIT

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in CareTrust REIT by 36.4% during the first quarter. Royal Bank of Canada now owns 179,501 shares of the company's stock valued at $5,129,000 after purchasing an additional 47,936 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of CareTrust REIT by 11.3% during the 1st quarter. NewEdge Advisors LLC now owns 33,628 shares of the company's stock valued at $961,000 after buying an additional 3,408 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in CareTrust REIT by 134.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company's stock worth $34,000 after buying an additional 644 shares during the last quarter. First Trust Advisors LP boosted its stake in CareTrust REIT by 67.6% in the second quarter. First Trust Advisors LP now owns 245,154 shares of the company's stock worth $7,502,000 after buying an additional 98,850 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in CareTrust REIT by 310.1% in the second quarter. Cerity Partners LLC now owns 36,640 shares of the company's stock worth $1,121,000 after buying an additional 27,706 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.

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