Wells Fargo & Company Increases CareTrust REIT (NASDAQ:CTRE) Price Target to $38.00

Key Points

• Wells Fargo & Company raised the price target for CareTrust REIT (NASDAQ:CTRE) from $32.00 to $38.00, indicating a potential upside of 10.38% from the current stock price.
• CareTrust REIT has a consensus rating of "Moderate Buy" among analysts, with four analysts recommending a Buy and only one issuing a Sell rating.
• Institutional investors hold a significant stake in CareTrust REIT, owning 87.77% of the company's stock, with notable increases in stakes from firms like Invesco Ltd. and Daiwa Securities Group Inc.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) had its price target increased by Wells Fargo & Company from $32.00 to $38.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price points to a potential upside of 10.38% from the company's current price.

CTRE has been the subject of several other reports. Royal Bank Of Canada restated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. KeyCorp increased their price objective on CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a research 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 stock. According to MarketBeat, CareTrust REIT has a consensus rating of "Moderate Buy" and a consensus target price of $32.50.

CareTrust REIT Stock Up 0.2%

CTRE traded up $0.06 during trading on Wednesday, reaching $34.43. The stock had a trading volume of 107,934 shares, compared to its average volume of 1,951,605. The stock's 50 day moving average is $31.72 and its two-hundred day moving average is $29.25. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 43.64, a P/E/G ratio of 1.25 and a beta of 0.85. CareTrust REIT has a one year low of $24.79 and a one year high of $34.92.

Institutional Trading of CareTrust REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTRE. Invesco Ltd. raised its stake in CareTrust REIT by 201.8% during the 2nd quarter. Invesco Ltd. now owns 3,772,350 shares of the real estate investment trust's stock valued at $115,434,000 after purchasing an additional 2,522,260 shares during the period. Nuveen LLC bought a new stake in CareTrust REIT during the 1st quarter valued at approximately $49,049,000. Balyasny Asset Management L.P. raised its stake in CareTrust REIT by 149.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock valued at $73,269,000 after purchasing an additional 1,623,297 shares during the period. Daiwa Securities Group Inc. increased its stake in CareTrust REIT by 2,245.5% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,510,264 shares of the real estate investment trust's stock worth $46,214,000 after acquiring an additional 1,445,873 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in CareTrust REIT by 4.9% in the 1st 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 during the last quarter. Institutional investors own 87.77% of the company's stock.

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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