Knights of Columbus Asset Advisors LLC Trims Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Key Points

• Knights of Columbus Asset Advisors LLC reduced its stake in CareTrust REIT, Inc. by 46.6%, owning 56,621 shares after selling 49,444 shares during the first quarter.
• CareTrust REIT has declared a quarterly dividend of $0.335, resulting in an annual yield of 4.29%, although the company's payout ratio stands at a high 145.65%.
• Wells Fargo & Company increased its price target for CareTrust REIT from $31.00 to $32.00, giving the company an "overweight" rating amidst varied analyst opinions.

Knights of Columbus Asset Advisors LLC lessened its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 46.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 56,621 shares of the real estate investment trust's stock after selling 49,444 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in CareTrust REIT were worth $1,618,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quarry LP lifted its position in shares of CareTrust REIT by 463.5% in the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust's stock worth $50,000 after purchasing an additional 1,525 shares during the period. Fifth Third Bancorp lifted its position in shares of CareTrust REIT by 217.5% in the 1st quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 1,355 shares during the period. Glen Eagle Advisors LLC purchased a new stake in shares of CareTrust REIT in the 4th quarter worth approximately $56,000. GF Fund Management CO. LTD. purchased a new stake in shares of CareTrust REIT in the 4th quarter worth approximately $76,000. Finally, Covestor Ltd lifted its position in CareTrust REIT by 44.1% during the fourth quarter. Covestor Ltd now owns 5,206 shares of the real estate investment trust's stock valued at $141,000 after acquiring an additional 1,593 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

CareTrust REIT Price Performance

Shares of CTRE stock traded up $0.31 on Wednesday, reaching $31.54. 228,593 shares of the company were exchanged, compared to its average volume of 1,741,989. The business has a 50-day moving average price of $29.94 and a 200 day moving average price of $28.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 39.89, a P/E/G ratio of 1.25 and a beta of 0.84. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $33.15.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 4.25%. The ex-dividend date was Monday, June 30th. CareTrust REIT's dividend payout ratio is currently 145.65%.

Wall Street Analysts Forecast Growth

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

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.