CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,374,863 shares of the real estate investment trust's stock after selling 131,020 shares during the period. Bank of New York Mellon Corp owned 1.27% of CareTrust REIT worth $67,874,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. World Investment Advisors increased its stake in CareTrust REIT by 6.0% in the first quarter. World Investment Advisors now owns 22,777 shares of the real estate investment trust's stock valued at $651,000 after purchasing an additional 1,291 shares during the last quarter. Lightrock Netherlands B.V. increased its stake in CareTrust REIT by 49.6% in the first quarter. Lightrock Netherlands B.V. now owns 206,605 shares of the real estate investment trust's stock valued at $5,915,000 after purchasing an additional 68,485 shares during the last quarter. GF Fund Management CO. LTD. increased its stake in CareTrust REIT by 26.6% in the first quarter. GF Fund Management CO. LTD. now owns 3,548 shares of the real estate investment trust's stock valued at $101,000 after purchasing an additional 746 shares during the last quarter. D.A. Davidson & CO. increased its stake in CareTrust REIT by 7.9% in the first quarter. D.A. Davidson & CO. now owns 39,522 shares of the real estate investment trust's stock valued at $1,130,000 after purchasing an additional 2,877 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in 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 valued at $30,469,000 after purchasing an additional 31,279 shares during the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

Shares of CTRE opened at $30.73 on Friday. The company's 50 day simple moving average is $29.49 and its 200-day simple moving average is $28.01. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $33.15. 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 firm has a market cap of $5.89 billion, a PE ratio of 38.90, 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 given a $0.335 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.34 dividend on an annualized basis and a yield of 4.36%. CareTrust REIT's dividend payout ratio (DPR) is 145.65%.

Analysts Set New Price Targets

CTRE has been the topic of several recent analyst reports. Wedbush reiterated an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Wells Fargo & Company raised their target price on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday, June 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.

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