Wellington Management Group LLP Has $283.87 Million Stake in CareTrust REIT, Inc. $CTRE

Key Points

• Wellington Management Group LLP has reduced its stake in CareTrust REIT, Inc. by 9.2%, now owning approximately 5.18% of the company, which equates to 9,932,283 shares valued at $283.87 million.
• KeyCorp and Wells Fargo upgraded their price targets for CareTrust REIT to $36.00 and $32.00 respectively, indicating a positive outlook, with an average rating of "Moderate Buy" from analysts.
• CareTrust REIT has a current dividend yield of 4.0% after recently declaring a $0.335 quarterly dividend, with a payout ratio of 111.67%.

Wellington Management Group LLP cut its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 9.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,932,283 shares of the real estate investment trust's stock after selling 1,011,608 shares during the quarter. Wellington Management Group LLP owned 5.18% of CareTrust REIT worth $283,865,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP grew its holdings in shares of CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust's stock valued at $50,000 after purchasing an additional 1,525 shares during the last quarter. Glen Eagle Advisors LLC bought a new stake in shares of CareTrust REIT during the 4th quarter valued at approximately $56,000. Fifth Third Bancorp grew its holdings in shares of CareTrust REIT by 217.5% during the 1st quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 1,355 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of CareTrust REIT during the 4th quarter valued at approximately $76,000. Finally, Pandora Wealth Inc. bought a new stake in shares of CareTrust REIT during the 1st quarter valued at approximately $120,000. 87.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CTRE has been the topic of several research reports. Wells Fargo & Company lifted their price target on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. Royal Bank Of Canada reissued an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Finally, KeyCorp boosted their target price on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, CareTrust REIT currently has an average rating of "Moderate Buy" and a consensus price target of $31.50.

CareTrust REIT Trading Down 0.8%

Shares of NASDAQ CTRE traded down $0.2660 during midday trading on Monday, reaching $34.1740. The stock had a trading volume of 195,216 shares, compared to its average volume of 1,954,002. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 43.29, a price-to-earnings-growth ratio of 1.25 and a beta of 0.85. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $34.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company's 50 day moving average price is $31.49 and its 200 day moving average price is $29.16.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.335 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.9%. CareTrust REIT's payout ratio is 111.67%.

CareTrust REIT 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.