24,451 Shares in CareTrust REIT, Inc. (NASDAQ:CTRE) Purchased by Meritage Portfolio Management

Meritage Portfolio Management bought a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 24,451 shares of the real estate investment trust's stock, valued at approximately $699,000.

Several other hedge funds have also bought and sold shares of CTRE. Vanguard Group Inc. raised its holdings in shares of CareTrust REIT by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock valued at $738,482,000 after buying an additional 4,263,097 shares in the last quarter. FMR LLC grew its position in CareTrust REIT by 51.8% during the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock valued at $214,586,000 after acquiring an additional 2,708,050 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of CareTrust REIT by 23.8% during the fourth quarter. Geode Capital Management LLC now owns 4,620,274 shares of the real estate investment trust's stock worth $125,006,000 after acquiring an additional 887,665 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of CareTrust REIT by 24.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock worth $78,220,000 after acquiring an additional 568,634 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings 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 acquiring an additional 1,623,297 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CTRE shares. Wells Fargo & Company raised their price objective on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, June 2nd. Wedbush restated an "underperform" rating and set a $26.00 target price on shares of CareTrust REIT in a report on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a research note on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CareTrust REIT has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.

CareTrust REIT Trading Up 1.6%

CareTrust REIT stock traded up $0.50 during mid-day trading on Friday, reaching $31.20. 771,576 shares of the company traded hands, compared to its average volume of 1,821,951. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT, Inc. has a 52-week low of $24.79 and a 52-week high of $33.15. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 39.49, a P/E/G ratio of 1.25 and a beta of 0.83. The firm's 50 day moving average price is $29.22 and its 200 day moving average price is $27.87.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.335 per share. The ex-dividend date is Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 4.29%. CareTrust REIT's payout ratio is 145.65%.

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.