State of Michigan Retirement System Takes Position in CareTrust REIT, Inc. $CTRE

Key Points

• State of Michigan Retirement System initiated a new position in CareTrust REIT, വാങ്ങing 53,800 shares worth about $1.97 million in the first quarter.
• Institutional interest remains high, with 87.77% of CareTrust REIT shares owned by institutional investors after several other funds increased or started positions.
• Analysts remain upbeat on the stock: CareTrust REIT has a Buy consensus rating and an average price target of $44.82, while the shares recently traded around $42.88 and also pay a quarterly dividend of $0.39 per share.

State of Michigan Retirement System bought a new position in shares of CareTrust REIT, Inc. (NYSE:CTRE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 53,800 shares of the company's stock, valued at approximately $1,972,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Kemnay Advisory Services Inc. bought a new position in CareTrust REIT in the 4th quarter valued at about $27,000. Transamerica Financial Advisors LLC boosted its holdings in shares of CareTrust REIT by 520.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 868 shares of the company's stock worth $32,000 after acquiring an additional 728 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of CareTrust REIT by 134.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company's stock worth $34,000 after acquiring an additional 644 shares during the period. Allworth Financial LP grew its position in shares of CareTrust REIT by 114.0% in the third quarter. Allworth Financial LP now owns 1,042 shares of the company's stock valued at $36,000 after purchasing an additional 555 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. acquired a new position in shares of CareTrust REIT in the fourth quarter valued at approximately $40,000. Institutional investors own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

CTRE has been the subject of several research reports. Weiss Ratings raised CareTrust REIT from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, July 6th. BMO Capital Markets upped their price objective on CareTrust REIT from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, June 15th. Wells Fargo & Company increased their price objective on CareTrust REIT from $42.00 to $47.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. Raymond James Financial assumed coverage on CareTrust REIT in a report on Tuesday, June 16th. They set an "outperform" rating and a $43.00 target price for the company. Finally, Zacks Research raised shares of CareTrust REIT from a "strong sell" rating to a "hold" rating in a research report on Monday, May 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $44.82.

CareTrust REIT Stock Up 2.2%

NYSE CTRE opened at $42.88 on Friday. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.22. The company has a market cap of $10.13 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 1.93 and a beta of 0.76. The company has a 50 day moving average of $39.92 and a 200-day moving average of $38.99. CareTrust REIT, Inc. has a 1-year low of $30.21 and a 1-year high of $43.10.

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.39 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.56 annualized dividend and a yield of 3.6%. CareTrust REIT's payout ratio is currently 100.00%.

CareTrust REIT Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.

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