Martingale Asset Management L P Cuts Position in CareTrust REIT, Inc. $CTRE

Key Points

• Martingale Asset Management L P reduced its stake in CareTrust REIT by 17.5%, selling 22,088 shares during the first quarter, leaving them with 104,070 shares valued at approximately $2.97 million.
• Several hedge funds are actively trading CareTrust REIT, with Quarry LP increasing its stake by 463.5% and new investments from Glen Eagle Advisors LLC and Fifth Third Bancorp.
• Analysts have raised their price targets for CareTrust REIT, with Wells Fargo raising theirs to $32.00 and KeyCorp increasing their target to $36.00, signaling a Moderate Buy average rating.

Martingale Asset Management L P reduced its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 17.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 104,070 shares of the real estate investment trust's stock after selling 22,088 shares during the period. Martingale Asset Management L P owned about 0.05% of CareTrust REIT worth $2,974,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in CareTrust REIT by 4.9% during the first quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after purchasing an additional 1,336,348 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of CareTrust REIT by 2.4% in the first 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 acquiring an additional 68,693 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of CareTrust REIT by 149.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock worth $73,269,000 after buying an additional 1,623,297 shares during the last quarter. Northern Trust Corp boosted its stake in CareTrust REIT by 5.6% in the 1st quarter. Northern Trust Corp now owns 2,606,842 shares of the real estate investment trust's stock worth $74,504,000 after purchasing an additional 137,202 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in CareTrust REIT by 15.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,443,829 shares of the real estate investment trust's stock valued at $66,105,000 after acquiring an additional 325,217 shares during the period. Hedge funds and other institutional investors own 87.77% of the company's stock.

CareTrust REIT Stock Up 0.9%

CTRE traded up $0.29 on Wednesday, hitting $34.66. 245,148 shares of the company were exchanged, compared to its average volume of 1,952,847. The stock's fifty day moving average is $31.72 and its 200-day moving average is $29.25. The company has a market cap of $7.56 billion, a PE ratio of 43.92, a PEG ratio of 1.25 and a beta of 0.85. CareTrust REIT, Inc. has a 12 month low of $24.79 and a 12 month high of $34.92. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 payout ratio is currently 111.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday. Royal Bank Of Canada restated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Finally, KeyCorp upped their target price on CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $32.50.

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.