CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. has reduced its holdings in CareTrust REIT by 6.4%, now owning 153,854 shares valued at approximately $4.4 million.
• Wells Fargo & Company has raised its price target for CareTrust REIT from $31.00 to $32.00 and assigned an "overweight" rating, contributing to a consensus rating of "Moderate Buy."
• CareTrust REIT recently announced a quarterly dividend of $0.335 per share, reflecting a yield of 4.29% and a payout ratio of 145.65%.

Envestnet Asset Management Inc. cut its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 6.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 153,854 shares of the real estate investment trust's stock after selling 10,578 shares during the period. Envestnet Asset Management Inc. owned about 0.08% of CareTrust REIT worth $4,397,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CTRE. Penserra Capital Management LLC purchased a new position in CareTrust REIT in the 1st quarter valued at approximately $255,000. World Investment Advisors boosted its position in CareTrust REIT by 6.0% in the 1st quarter. World Investment Advisors now owns 22,777 shares of the real estate investment trust's stock valued at $651,000 after buying an additional 1,291 shares during the period. Lightrock Netherlands B.V. boosted its position in CareTrust REIT by 49.6% in the 1st quarter. Lightrock Netherlands B.V. now owns 206,605 shares of the real estate investment trust's stock valued at $5,915,000 after buying an additional 68,485 shares during the period. GF Fund Management CO. LTD. boosted its position in CareTrust REIT by 26.6% in the 1st quarter. GF Fund Management CO. LTD. now owns 3,548 shares of the real estate investment trust's stock valued at $101,000 after buying an additional 746 shares during the period. Finally, D.A. Davidson & CO. boosted its position in CareTrust REIT by 7.9% in the 1st quarter. D.A. Davidson & CO. now owns 39,522 shares of the real estate investment trust's stock valued at $1,130,000 after buying an additional 2,877 shares during the period. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Stock Up 1.6%

Shares of CTRE traded up $0.49 during midday trading on Tuesday, reaching $31.04. The stock had a trading volume of 69,123 shares, compared to its average volume of 1,744,144. CareTrust REIT, Inc. has a 1-year low of $24.79 and a 1-year high of $33.15. The company's fifty day simple moving average is $29.91 and its two-hundred day simple moving average is $28.33. The company has a market cap of $5.95 billion, a price-to-earnings ratio of 39.29, a PEG ratio of 1.25 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 4.32%. CareTrust REIT's dividend payout ratio is currently 145.65%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company raised their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.17.

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.