Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in CareTrust REIT, Inc. $CTRE

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in CareTrust REIT by 71.9%, now holding 21,695 shares after selling 55,536 shares in the first quarter.
• Total institutional ownership of CareTrust REIT is 87.77%, with several firms significantly increasing their positions, including Balyasny Asset Management, which grew its stake by 149.6%.
• Wall Street analysts are optimistic about the company, with multiple firms raising price targets, including Wells Fargo & Company increasing its target from $31.00 to $32.00 and KeyCorp setting a new price objective of $36.00.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 71.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,695 shares of the real estate investment trust's stock after selling 55,536 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in CareTrust REIT were worth $620,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. J. W. Coons Advisors LLC raised its holdings in CareTrust REIT by 4.1% during the 1st quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust's stock worth $254,000 after purchasing an additional 347 shares during the last quarter. Quantinno Capital Management LP raised its holdings in CareTrust REIT by 2.3% during the 4th quarter. Quantinno Capital Management LP now owns 17,482 shares of the real estate investment trust's stock worth $473,000 after purchasing an additional 385 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in CareTrust REIT by 4.5% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,022 shares of the real estate investment trust's stock worth $286,000 after purchasing an additional 435 shares during the last quarter. GF Fund Management CO. LTD. raised its holdings in CareTrust REIT by 26.6% during the 1st quarter. GF Fund Management CO. LTD. now owns 3,548 shares of the real estate investment trust's stock worth $101,000 after purchasing an additional 746 shares during the last quarter. Finally, Xponance Inc. raised its holdings in CareTrust REIT by 6.2% during the 1st quarter. Xponance Inc. now owns 14,203 shares of the real estate investment trust's stock worth $406,000 after purchasing an additional 824 shares during the last quarter. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Stock Down 0.5%

NASDAQ CTRE traded down $0.17 during mid-day trading on Friday, hitting $34.37. The company's stock had a trading volume of 1,999,436 shares, compared to its average volume of 1,965,201. The company's 50 day simple moving average is $31.49 and its 200 day simple moving average is $29.14. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $34.92. 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 capitalization of $7.50 billion, a price-to-earnings ratio of 43.51, a PEG ratio of 1.25 and a beta of 0.85.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.335 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 3.9%. CareTrust REIT's dividend payout ratio (DPR) is presently 111.67%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CTRE. KeyCorp raised their price objective on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. Finally, Wells Fargo & Company raised their price objective 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. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $31.50.

CareTrust REIT Company 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.