Vestcor Inc Boosts Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

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 stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 56.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

Other large investors also recently modified their holdings of the company. XTX Topco Ltd boosted its position in CareTrust REIT by 204.8% during the 1st 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 period. Mackenzie Financial Corp lifted its position in shares of 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 worth $2,243,000 after purchasing an additional 5,331 shares during the period. LPL Financial LLC lifted its position in shares of 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 worth $3,678,000 after purchasing an additional 35,253 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of 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 worth $2,855,000 after purchasing an additional 5,139 shares during the period. Finally, Assetmark Inc. lifted its position in shares of CareTrust REIT by 108.6% in the 1st quarter. Assetmark Inc. now owns 49,308 shares of the real estate investment trust's stock worth $1,409,000 after purchasing an additional 25,675 shares during the period. 87.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company boosted their price target on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $31.17.

CareTrust REIT Stock Up 0.8%

CTRE stock traded up $0.24 during midday trading on Wednesday, reaching $31.47. 1,908,088 shares of the company's stock traded hands, compared to its average volume of 1,753,969. The company has a market cap of $6.03 billion, a price-to-earnings ratio of 39.84, a P/E/G ratio of 1.25 and a beta of 0.84. The firm's fifty day moving average price is $29.94 and its 200-day moving average price is $28.35. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 52 week low of $24.79 and a 52 week high of $33.15.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.34 dividend on an annualized basis and a yield of 4.26%. CareTrust REIT's dividend payout ratio (DPR) is presently 145.65%.

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.