Dockside LLC Makes New Investment in CareTrust REIT, Inc. $CTRE

Key Points

• Dockside LLC acquired 109,766 CareTrust REIT shares worth approximately $4.43 million in the second quarter, making CTRE its 23rd-largest holding. Institutional investors collectively own 87.77% of the stock.
• CareTrust REIT recently paid a quarterly dividend of $0.39 per share, equivalent to an annualized $1.56 dividend and a 4.0% yield.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $44.82, versus a recent price of $38.81.

Dockside LLC acquired a new position in CareTrust REIT, Inc. (NYSE:CTRE - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 109,766 shares of the company's stock, valued at approximately $4,429,000. CareTrust REIT makes up approximately 1.0% of Dockside LLC's investment portfolio, making the stock its 23rd largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada increased its stake in CareTrust REIT by 36.4% in the 1st quarter. Royal Bank of Canada now owns 179,501 shares of the company's stock worth $5,129,000 after buying an additional 47,936 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of CareTrust REIT by 11.3% in the first quarter. NewEdge Advisors LLC now owns 33,628 shares of the company's stock worth $961,000 after acquiring an additional 3,408 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of CareTrust REIT by 134.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company's stock worth $34,000 after acquiring an additional 644 shares during the period. First Trust Advisors LP grew its position in shares of CareTrust REIT by 67.6% during the second quarter. First Trust Advisors LP now owns 245,154 shares of the company's stock worth $7,502,000 after purchasing an additional 98,850 shares in the last quarter. Finally, Cerity Partners LLC grew its position in shares of CareTrust REIT by 310.1% during the second quarter. Cerity Partners LLC now owns 36,640 shares of the company's stock worth $1,121,000 after purchasing an additional 27,706 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Price Performance

CareTrust REIT stock opened at $38.81 on Friday. CareTrust REIT, Inc. has a 52-week low of $32.79 and a 52-week high of $43.62. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.27. The firm's fifty day moving average is $40.20 and its 200 day moving average is $39.60. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 1.75 and a beta of 0.75.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Tuesday, June 30th. CareTrust REIT's payout ratio is 98.11%.

Analysts Set New Price Targets

CTRE has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their price target on CareTrust REIT from $42.00 to $43.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Citigroup reaffirmed a "market outperform" rating on shares of CareTrust REIT in a report on Wednesday, June 10th. KeyCorp reiterated an "overweight" rating and set a $46.00 price objective on shares of CareTrust REIT in a research report on Friday, May 29th. Raymond James Financial began coverage on shares of CareTrust REIT in a report on Tuesday, June 16th. They issued an "outperform" rating and a $43.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on shares of CareTrust REIT from $42.00 to $47.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, CareTrust REIT has an average rating of "Moderate Buy" and an average target price of $44.82.

CareTrust REIT Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.

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