CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Purchased by Vestcor Inc

Key Points

• Vestcor Inc has increased its holdings in CareTrust REIT by 56.2% during the first quarter, now owning 302,168 shares valued at $8.6 million.
• CareTrust REIT recently announced a quarterly dividend of $0.335 per share, translating to an annualized dividend of $1.34 and a yield of 4.29%, although its payout ratio stands at 145.65%.
• Wells Fargo & Company has raised its price target on CareTrust REIT from $31.00 to $32.00, signaling an "overweight" rating along with other analysts giving it a "Moderate Buy" average rating.

Vestcor Inc grew its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 56.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 302,168 shares of the real estate investment trust's stock after purchasing an additional 108,699 shares during the quarter. Vestcor Inc owned approximately 0.16% of CareTrust REIT worth $8,636,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CTRE. XTX Topco Ltd grew its holdings in shares of CareTrust REIT by 204.8% during the first quarter. XTX Topco Ltd now owns 34,284 shares of the real estate investment trust's stock worth $980,000 after buying an additional 23,036 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in CareTrust REIT by 7.3% in the 1st quarter. Mackenzie Financial Corp now owns 78,482 shares of the real estate investment trust's stock valued at $2,243,000 after purchasing an additional 5,331 shares in the last quarter. LPL Financial LLC boosted its holdings in CareTrust REIT by 37.7% in the 1st quarter. LPL Financial LLC now owns 128,675 shares of the real estate investment trust's stock valued at $3,678,000 after purchasing an additional 35,253 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in CareTrust REIT by 5.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,896 shares of the real estate investment trust's stock valued at $2,855,000 after purchasing an additional 5,139 shares in the last quarter. Finally, Assetmark Inc. boosted its holdings in CareTrust REIT by 108.6% in the 1st quarter. Assetmark Inc. now owns 49,308 shares of the real estate investment trust's stock valued at $1,409,000 after purchasing an additional 25,675 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

CareTrust REIT Price Performance

Shares of CTRE stock traded up $0.21 during midday trading on Friday, reaching $32.01. 1,656,148 shares of the company traded hands, compared to its average volume of 1,753,508. The firm's 50 day simple moving average is $30.13 and its two-hundred day simple moving average is $28.44. CareTrust REIT, Inc. has a 1-year low of $24.79 and a 1-year high of $33.15. 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 firm has a market cap of $6.14 billion, a PE ratio of 40.52, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Monday, June 30th. CareTrust REIT's payout ratio is currently 145.65%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company lifted their price objective on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $31.17.

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.