GAMMA Investing LLC Raises Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

GAMMA Investing LLC boosted its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 2,116.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,398 shares of the real estate investment trust's stock after purchasing an additional 85,365 shares during the period. GAMMA Investing LLC's holdings in CareTrust REIT were worth $2,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in CareTrust REIT by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock worth $67,784,000 after purchasing an additional 126,280 shares during the last quarter. Corient Private Wealth LLC lifted its stake 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 worth $608,000 after purchasing an additional 1,903 shares during the last quarter. Rhumbline Advisers lifted its stake in CareTrust REIT by 26.9% in the fourth quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust's stock worth $15,491,000 after purchasing an additional 121,328 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in CareTrust REIT by 24.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock worth $78,220,000 after purchasing an additional 568,634 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in CareTrust REIT by 43.5% in the fourth quarter. Van ECK Associates Corp now owns 35,171 shares of the real estate investment trust's stock worth $951,000 after purchasing an additional 10,655 shares during the last quarter. Institutional investors own 87.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wedbush reissued an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Royal Bank of Canada decreased their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a research note on Thursday, March 13th. Finally, Wells Fargo & Company lifted their price target on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CareTrust REIT has a consensus rating of "Moderate Buy" and an average price target of $31.17.

CareTrust REIT Trading Down 2.4%

Shares of CareTrust REIT stock traded down $0.69 on Monday, hitting $28.12. 1,161,858 shares of the company traded hands, compared to its average volume of 1,799,517. The stock's 50 day moving average price is $28.66 and its 200-day moving average price is $27.73. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 52 week low of $24.35 and a 52 week high of $33.15. The company has a market cap of $5.39 billion, a PE ratio of 35.59, a PEG ratio of 1.25 and a beta of 0.83.

CareTrust REIT Dividend Announcement

The firm 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 yield of 4.77%. CareTrust REIT's payout ratio is 145.65%.

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.