CareTrust REIT, Inc. $CTRE Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC has significantly increased its holdings in CareTrust REIT, acquiring an additional 117,399 shares, boosting their total by 74% in the first quarter of 2023.
• Several large investors, including Vanguard Group Inc. and Charles Schwab Investment Management Inc., have also raised their stakes in CareTrust REIT, indicating strong institutional confidence in the company.
• Analysts have set a price target ranging from $36.00 to $39.00 for CareTrust REIT, with the majority rating the stock as a "Moderate Buy," reflecting positive market sentiment.

Intech Investment Management LLC boosted its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 74.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 276,041 shares of the real estate investment trust's stock after acquiring an additional 117,399 shares during the period. Intech Investment Management LLC owned about 0.14% of CareTrust REIT worth $7,889,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Glen Eagle Advisors LLC bought a new stake in shares of CareTrust REIT during the 4th quarter valued at about $56,000. Fifth Third Bancorp raised its holdings in shares of CareTrust REIT by 217.5% during the 1st quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 1,355 shares in the last quarter. Twin Tree Management LP bought a new position in CareTrust REIT in the 1st quarter worth $58,000. GF Fund Management CO. LTD. acquired a new stake in CareTrust REIT in the 4th quarter worth $76,000. Finally, Pandora Wealth Inc. bought a new position in CareTrust REIT during the 1st quarter valued at about $120,000. Institutional investors and hedge funds own 87.77% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 27th. Raymond James Financial set a $39.00 price objective on shares of CareTrust REIT and gave the stock a "strong-buy" rating in a research note on Tuesday, September 2nd. KeyCorp increased their price objective on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $33.43.

CareTrust REIT Stock Performance

CTRE traded up $0.32 during midday trading on Wednesday, hitting $34.45. 251,336 shares of the company traded hands, compared to its average volume of 1,938,311. The company's 50-day moving average is $32.80 and its 200 day moving average is $30.12. The firm has a market capitalization of $7.51 billion, a PE ratio of 43.61, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84. CareTrust REIT, Inc. has a 52 week low of $24.79 and a 52 week high of $34.92. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, September 30th. CareTrust REIT's dividend payout ratio (DPR) is 111.67%.

About CareTrust REIT

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.