Wealth Enhancement Advisory Services LLC Invests $343,000 in CareTrust REIT, Inc. $CTRE

Key Points

• Wealth Enhancement Advisory Services LLC has made a new investment of $343,000 in CareTrust REIT, acquiring 11,005 shares during the second quarter.
• CareTrust REIT recently announced a quarterly dividend of $0.335, corresponding to a 3.9% yield and an annualized amount of $1.34.
• Analysts have mixed ratings on CareTrust REIT, with an average rating of "Moderate Buy" and a price target of approximately $33.88.

Wealth Enhancement Advisory Services LLC bought a new position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 11,005 shares of the real estate investment trust's stock, valued at approximately $343,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. J. W. Coons Advisors LLC grew its position in shares of CareTrust REIT by 4.1% in the 1st quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust's stock worth $254,000 after buying an additional 347 shares during the period. Norinchukin Bank The grew its position in shares of CareTrust REIT by 4.6% in the 1st quarter. Norinchukin Bank The now owns 8,662 shares of the real estate investment trust's stock worth $248,000 after buying an additional 382 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of CareTrust REIT by 4.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,022 shares of the real estate investment trust's stock worth $286,000 after buying an additional 435 shares during the period. Smartleaf Asset Management LLC grew its position in shares of CareTrust REIT by 10.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 5,555 shares of the real estate investment trust's stock worth $161,000 after buying an additional 523 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of CareTrust REIT by 109.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust's stock worth $34,000 after buying an additional 575 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTRE has been the topic of a number of recent research reports. Cantor Fitzgerald assumed coverage on shares of CareTrust REIT in a research report on Wednesday, October 1st. They issued a "neutral" rating and a $37.00 target price on the stock. Raymond James Financial set a $39.00 price objective on shares of CareTrust REIT and gave the company a "strong-buy" rating in a research report on Tuesday, September 2nd. Royal Bank Of Canada reissued an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. Wells Fargo & Company increased their price objective on shares of CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 27th. Finally, KeyCorp increased their price objective on shares of CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, CareTrust REIT has an average rating of "Moderate Buy" and an average price target of $33.88.

CareTrust REIT Price Performance

NASDAQ CTRE opened at $34.58 on Wednesday. CareTrust REIT, Inc. has a 52 week low of $24.79 and a 52 week high of $35.68. The firm has a market capitalization of $7.54 billion, a P/E ratio of 43.77, a PEG ratio of 1.25 and a beta of 0.82. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $33.95 and a 200-day moving average price of $30.88.

CareTrust REIT Dividend Announcement

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

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.

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