Banque Pictet & Cie SA Makes New $556,000 Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Banque Pictet & Cie SA acquired a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 19,443 shares of the real estate investment trust's stock, valued at approximately $556,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in CareTrust REIT by 21.8% in 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 last quarter. Corient Private Wealth LLC increased its holdings in 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 valued at $608,000 after purchasing an additional 1,903 shares during the last quarter. KBC Group NV increased its holdings 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 in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings 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 in the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in shares of CareTrust REIT by 4.0% in the first quarter. Asset Management One Co. Ltd. now owns 416,091 shares of the real estate investment trust's stock worth $11,892,000 after acquiring an additional 16,008 shares in the last quarter. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Price Performance

CareTrust REIT stock traded up $0.09 during mid-day trading on Friday, reaching $30.73. 1,739,650 shares of the company were exchanged, compared to its average volume of 1,851,316. CareTrust REIT, Inc. has a 12 month low of $24.79 and a 12 month high of $33.15. The company has a fifty day simple moving average of $29.49 and a 200-day simple moving average of $28.01. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The firm has a market cap of $5.89 billion, a PE ratio of 38.90, a PEG 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 issued a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 4.36%. The ex-dividend date of this dividend is Monday, June 30th. CareTrust REIT's dividend payout ratio (DPR) is 145.65%.

Analysts Set New Price Targets

CTRE has been the subject of a number of research reports. Wedbush reiterated an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research report on Thursday, March 13th. Finally, Wells Fargo & Company increased their target price 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 equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average 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.