CareTrust REIT (NASDAQ:CTRE) Sets New 52-Week High – Time to Buy?

CareTrust REIT, Inc. (NASDAQ:CTRE) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $38.50 and last traded at $38.5230, with a volume of 641446 shares changing hands. The stock had previously closed at $36.56.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of CareTrust REIT from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. Citigroup assumed coverage on shares of CareTrust REIT in a report on Thursday, January 22nd. They set a “market outperform” rating for the company. The Goldman Sachs Group set a $44.00 target price on shares of CareTrust REIT in a research note on Thursday, January 22nd. KeyCorp increased their price target on shares of CareTrust REIT from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Finally, Citizens Jmp initiated coverage on CareTrust REIT in a report on Thursday, January 22nd. They set a “market outperform” rating and a $44.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.00.

CareTrust REIT Trading Up 0.7%

The firm has a market cap of $8.68 billion, a P/E ratio of 49.19, a P/E/G ratio of 1.25 and a beta of 0.75. 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 firm has a fifty day moving average of $36.97 and a 200-day moving average of $35.26.

CareTrust REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.335 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.34 annualized dividend and a dividend yield of 3.4%. CareTrust REIT’s dividend payout ratio is currently 100.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of CareTrust REIT by 14.1% in the third quarter. Vanguard Group Inc. now owns 32,973,216 shares of the real estate investment trust’s stock valued at $1,143,511,000 after purchasing an additional 4,067,975 shares during the period. Invesco Ltd. grew its holdings in CareTrust REIT by 201.8% in the 2nd quarter. Invesco Ltd. now owns 3,772,350 shares of the real estate investment trust’s stock worth $115,434,000 after buying an additional 2,522,260 shares in the last quarter. Hudson Bay Capital Management LP increased its position in CareTrust REIT by 713.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 1,710,528 shares of the real estate investment trust’s stock valued at $59,321,000 after acquiring an additional 1,989,394 shares during the period. Daiwa Securities Group Inc. raised its stake in CareTrust REIT by 114.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 3,238,307 shares of the real estate investment trust’s stock valued at $112,305,000 after acquiring an additional 1,728,043 shares in the last quarter. Finally, Copeland Capital Management LLC raised its stake in CareTrust REIT by 350.9% during the 3rd quarter. Copeland Capital Management LLC now owns 1,716,101 shares of the real estate investment trust’s stock valued at $59,514,000 after acquiring an additional 1,335,513 shares in the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

About CareTrust REIT

CareTrust REIT, Inc is a healthcare-focused real estate investment trust that acquires and manages net-leased properties serving the senior housing and medical markets. The company’s portfolio spans skilled nursing facilities, assisted living communities, independent living properties, medical office buildings and life science facilities. By structuring leases on a triple-net basis, CareTrust REIT offers long-term, stable rental income streams while allowing its tenants to operate and maintain their specialized healthcare facilities.

The company’s assets are geographically diversified across the United States, with a concentration in regions experiencing aging demographics and growing demand for senior care services.