Wellington Management Group LLP Sells 1,011,608 Shares of 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 decreased its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent disclosure 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 period. Wellington Management Group LLP owned about 5.18% of CareTrust REIT worth $283,865,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of CareTrust REIT during the first quarter worth $49,049,000. Balyasny Asset Management L.P. lifted its position in shares of CareTrust REIT by 149.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock worth $73,269,000 after acquiring an additional 1,623,297 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of CareTrust REIT by 4.9% during the first quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock worth $818,445,000 after acquiring an additional 1,336,348 shares in the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of CareTrust REIT by 5,756.5% during the first quarter. Jupiter Asset Management Ltd. now owns 1,181,431 shares of the real estate investment trust's stock worth $33,765,000 after acquiring an additional 1,161,258 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of CareTrust REIT by 75.8% during the fourth quarter. Nuveen Asset Management LLC now owns 2,395,809 shares of the real estate investment trust's stock worth $64,807,000 after acquiring an additional 1,032,848 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wells Fargo & Company increased their target price on CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday, June 2nd. Royal Bank Of Canada restated an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. Finally, KeyCorp increased their target price on CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, CareTrust REIT currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

CareTrust REIT Price Performance

CTRE traded down $0.17 during trading on Friday, reaching $34.37. The stock had a trading volume of 1,999,436 shares, compared to its average volume of 1,965,201. The stock has a market cap of $7.50 billion, a PE ratio of 43.51, a PEG ratio of 1.25 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT, Inc. has a one year low of $24.79 and a one year high of $34.92. The business has a 50-day moving average of $31.49 and a 200-day moving average of $29.13.

CareTrust REIT Announces Dividend

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