Sound Income Strategies LLC Has $17.47 Million Holdings in CareTrust REIT, Inc. $CTRE

Key Points

• Sound Income Strategies LLC increased its stake in CareTrust REIT by 9.2%, owning 570,740 shares worth approximately $17.47 million.
• Institutional investors control a significant 87.77% of CareTrust REIT's stock, with notable increases in stakes from firms like Nuveen LLC and Vanguard Group Inc..
• CareTrust REIT will pay a quarterly dividend of $0.335 per share, reflecting an annual yield of 3.9%, as announced for payment on October 15th.

Sound Income Strategies LLC boosted its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 9.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 570,740 shares of the real estate investment trust's stock after purchasing an additional 47,911 shares during the quarter. Sound Income Strategies LLC owned 0.30% of CareTrust REIT worth $17,465,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of CareTrust REIT in the first quarter valued at approximately $49,049,000. Vanguard Group Inc. increased its stake in 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 worth $818,445,000 after acquiring an additional 1,336,348 shares during the period. Jupiter Asset Management Ltd. raised its holdings in CareTrust REIT by 5,756.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 1,181,431 shares of the real estate investment trust's stock valued at $33,765,000 after acquiring an additional 1,161,258 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in shares of CareTrust REIT by 51.3% during the 1st quarter. Alyeska Investment Group L.P. now owns 2,094,848 shares of the real estate investment trust's stock valued at $59,871,000 after acquiring an additional 710,006 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in shares of CareTrust REIT by 173.9% during the 1st quarter. Alliancebernstein L.P. now owns 682,066 shares of the real estate investment trust's stock worth $19,493,000 after purchasing an additional 433,020 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

CareTrust REIT Price Performance

CTRE stock opened at $34.76 on Monday. The stock has a market cap of $7.58 billion, a price-to-earnings ratio of 44.00, a P/E/G ratio of 1.25 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The company has a 50 day simple moving average of $33.40 and a 200 day simple moving average of $30.60. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $35.18.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.335 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.34 annualized dividend and a dividend yield of 3.9%. CareTrust REIT's dividend payout ratio (DPR) is 111.67%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wells Fargo & Company raised their price target on CareTrust REIT from $32.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 27th. Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a research note on Monday, August 11th. Raymond James Financial set a $39.00 target price on shares of CareTrust REIT and gave the company a "strong-buy" rating in a research report on Tuesday, September 2nd. Finally, KeyCorp upped their price target on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.43.

About CareTrust REIT

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.

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