CareTrust REIT, Inc. $CTRE Shares Sold by Connor Clark & Lunn Investment Management Ltd.

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 position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 71.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 institutional investors have also recently made changes to their positions in the company. Swiss National Bank raised its position in shares of CareTrust REIT by 19.6% during the 1st quarter. Swiss National Bank now owns 362,949 shares of the real estate investment trust's stock valued at $10,373,000 after buying an additional 59,600 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of CareTrust REIT by 4.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 129,491 shares of the real estate investment trust's stock valued at $3,701,000 after buying an additional 6,045 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of CareTrust REIT by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,960,372 shares of the real estate investment trust's stock valued at $84,607,000 after buying an additional 68,693 shares during the period. WealthShield Partners LLC raised its position in shares of CareTrust REIT by 93.5% during the 1st quarter. WealthShield Partners LLC now owns 95,023 shares of the real estate investment trust's stock valued at $2,731,000 after buying an additional 45,904 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of CareTrust REIT by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after buying an additional 1,336,348 shares during the period. Hedge funds and other institutional investors own 87.77% of the company's stock.

Analyst Upgrades and Downgrades

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

CareTrust REIT Stock Up 1.3%

Shares of NASDAQ:CTRE traded up $0.4460 during trading on Wednesday, hitting $34.2960. The company's stock had a trading volume of 2,664,226 shares, compared to its average volume of 1,964,758. The business has a 50 day moving average price of $31.27 and a two-hundred day moving average price of $29.02. The company has a market capitalization of $6.87 billion, a PE ratio of 43.41, a P/E/G ratio of 1.25 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT, Inc. has a fifty-two week low of $24.79 and a fifty-two week high of $34.50.

CareTrust REIT Announces Dividend

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

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.