Sound Income Strategies LLC Has $14.94 Million Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Sound Income Strategies LLC raised its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 13.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 522,829 shares of the real estate investment trust's stock after acquiring an additional 60,733 shares during the quarter. Sound Income Strategies LLC owned about 0.28% of CareTrust REIT worth $14,942,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in CareTrust REIT by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock valued at $67,784,000 after purchasing an additional 126,280 shares during the last quarter. Corient Private Wealth LLC increased its position in CareTrust REIT by 9.2% in the 4th quarter. Corient Private Wealth LLC now owns 22,481 shares of the real estate investment trust's stock worth $608,000 after buying an additional 1,903 shares during the period. Rhumbline Advisers lifted its holdings in shares of CareTrust REIT by 26.9% during the fourth quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust's stock worth $15,491,000 after buying an additional 121,328 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of CareTrust REIT by 24.5% during the fourth 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 buying an additional 568,634 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of CareTrust REIT by 43.5% in the fourth quarter. Van ECK Associates Corp now owns 35,171 shares of the real estate investment trust's stock valued at $951,000 after acquiring an additional 10,655 shares during the period. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Trading Up 2.3%

NASDAQ:CTRE traded up $0.68 during mid-day trading on Wednesday, hitting $29.84. The company had a trading volume of 3,261,698 shares, compared to its average volume of 1,807,702. 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, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $33.15. The firm has a market cap of $5.72 billion, a P/E ratio of 37.77, a P/E/G ratio of 1.25 and a beta of 0.83. The business's fifty day moving average is $28.69 and its two-hundred day moving average is $27.73.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Monday, June 30th. CareTrust REIT's dividend payout ratio is currently 145.65%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CTRE shares. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price on the stock in a research report on Thursday, March 13th. Wells Fargo & Company boosted their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, June 2nd. Royal Bank Of Canada dropped their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Finally, Wedbush reaffirmed an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock 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.