CareTrust REIT, Inc. $CTRE Shares Sold by Adelante Capital Management LLC

Key Points

• Adelante Capital Management reduced its CareTrust REIT stake by 10.1% in the first quarter, selling 39,473 shares and retaining 352,462 shares valued at approximately $12.9 million.
• Institutional ownership remains substantial at 87.77%, with major investors including T. Rowe Price, Wellington Management, State Street and Daiwa Securities increasing their positions.
• Analysts remain broadly positive, giving CTRE a consensus “Moderate Buy” rating and an average price target of $44.82. The REIT also pays a quarterly dividend of $0.39, equal to a 3.6% annualized yield.

Adelante Capital Management LLC decreased its holdings in CareTrust REIT, Inc. (NYSE:CTRE - Free Report) by 10.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 352,462 shares of the company's stock after selling 39,473 shares during the period. CareTrust REIT makes up about 0.8% of Adelante Capital Management LLC's investment portfolio, making the stock its 28th largest position. Adelante Capital Management LLC owned 0.15% of CareTrust REIT worth $12,918,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. lifted its stake in shares of CareTrust REIT by 108.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,493,898 shares of the company's stock worth $234,820,000 after purchasing an additional 3,379,732 shares in the last quarter. Norges Bank acquired a new position in CareTrust REIT during the 4th quarter worth approximately $114,810,000. Wellington Management Group LLP boosted its holdings in CareTrust REIT by 18.1% in the 4th quarter. Wellington Management Group LLP now owns 12,355,966 shares of the company's stock worth $446,792,000 after acquiring an additional 1,893,143 shares during the period. Daiwa Securities Group Inc. grew its position in CareTrust REIT by 114.4% in the third quarter. Daiwa Securities Group Inc. now owns 3,238,307 shares of the company's stock valued at $112,305,000 after acquiring an additional 1,728,043 shares in the last quarter. Finally, State Street Corp grew its position in CareTrust REIT by 11.7% in the third quarter. State Street Corp now owns 12,206,572 shares of the company's stock valued at $427,336,000 after acquiring an additional 1,277,378 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on CTRE shares. Citigroup restated a "market outperform" rating on shares of CareTrust REIT in a research note on Wednesday, June 10th. KeyCorp reiterated an "overweight" rating and issued a $46.00 price objective on shares of CareTrust REIT in a report on Friday, May 29th. Raymond James Financial initiated coverage on shares of CareTrust REIT in a research report on Tuesday, June 16th. They issued an "outperform" rating and a $43.00 price objective for the company. BMO Capital Markets raised their target price on CareTrust REIT from $46.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday, June 15th. Finally, Wells Fargo & Company lifted their target price on CareTrust REIT from $42.00 to $47.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $44.82.

CareTrust REIT Stock Down 0.5%

NYSE:CTRE opened at $42.75 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.37 and a current ratio of 2.38. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of 27.40, a price-to-earnings-growth ratio of 1.93 and a beta of 0.76. CareTrust REIT, Inc. has a one year low of $30.72 and a one year high of $43.62. The stock has a 50-day simple moving average of $40.09 and a 200 day simple moving average of $39.31.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. CareTrust REIT's payout ratio is 100.00%.

CareTrust REIT 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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