Banque Pictet & Cie SA Acquires Shares of 19,443 CareTrust REIT, Inc. (NASDAQ:CTRE)

Banque Pictet & Cie SA purchased a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 19,443 shares of the real estate investment trust's stock, valued at approximately $556,000.

Other hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in CareTrust REIT by 21.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 86,776 shares of the real estate investment trust's stock valued at $2,471,000 after purchasing an additional 15,523 shares during the period. Corient Private Wealth LLC boosted its stake in shares of CareTrust REIT by 9.2% in the fourth quarter. Corient Private Wealth LLC now owns 22,481 shares of the real estate investment trust's stock worth $608,000 after acquiring an additional 1,903 shares during the period. Principal Financial Group Inc. boosted its stake in shares of CareTrust REIT by 3.0% in the first quarter. Principal Financial Group Inc. now owns 1,066,093 shares of the real estate investment trust's stock worth $30,469,000 after acquiring an additional 31,279 shares during the period. KBC Group NV boosted its stake in shares of CareTrust REIT by 33.6% in the first quarter. KBC Group NV now owns 7,448 shares of the real estate investment trust's stock worth $213,000 after acquiring an additional 1,875 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of CareTrust REIT by 8.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 48,495 shares of the real estate investment trust's stock worth $1,386,000 after acquiring an additional 3,626 shares during the period. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Trading Up 1.8%

Shares of NASDAQ CTRE traded up $0.56 during midday trading on Monday, hitting $31.29. The company's stock had a trading volume of 1,732,900 shares, compared to its average volume of 1,853,325. 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's 50 day moving average is $29.49 and its two-hundred day moving average is $28.02. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $33.15. The firm has a market cap of $6.00 billion, a P/E ratio of 39.60, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.335 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 4.28%. CareTrust REIT's dividend payout ratio (DPR) is currently 145.65%.

Analyst Ratings Changes

Separately, Wells Fargo & Company upped their price objective on CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note on Monday, June 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $31.17.

CareTrust REIT 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.