CareTrust REIT (NASDAQ:CTRE) Reaches New 12-Month High – Time to Buy?

CareTrust REIT, Inc. (NASDAQ:CTRE)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.81 and last traded at $40.9210, with a volume of 27002 shares traded. The stock had previously closed at $40.01.

Analyst Upgrades and Downgrades

CTRE has been the subject of a number of research reports. Jefferies Financial Group upped 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. Cantor Fitzgerald boosted their target price on shares of CareTrust REIT from $37.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday. The Goldman Sachs Group set a $44.00 target price on shares of CareTrust REIT in a research note on Thursday, January 22nd. KeyCorp lifted their price target on shares of CareTrust REIT from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Finally, Royal Bank Of Canada upped their price objective on shares of CareTrust REIT from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.91.

CareTrust REIT Stock Performance

The company has a fifty day moving average of $37.33 and a two-hundred day moving average of $35.76. The stock has a market capitalization of $9.00 billion, a P/E ratio of 51.09, a price-to-earnings-growth ratio of 1.25 and a beta of 0.75. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, December 31st. CareTrust REIT’s dividend payout ratio is currently 86.45%.

Institutional Trading of CareTrust REIT

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in CareTrust REIT by 14.1% during the 3rd 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 buying an additional 4,067,975 shares during the period. Norges Bank acquired a new position in shares of CareTrust REIT during the fourth quarter valued at approximately $114,810,000. Invesco Ltd. raised its holdings in CareTrust REIT by 201.8% during the second quarter. Invesco Ltd. now owns 3,772,350 shares of the real estate investment trust’s stock worth $115,434,000 after purchasing an additional 2,522,260 shares in the last quarter. Hudson Bay Capital Management LP lifted its position in CareTrust REIT by 713.4% in the third quarter. Hudson Bay Capital Management LP now owns 1,710,528 shares of the real estate investment trust’s stock worth $59,321,000 after purchasing an additional 1,989,394 shares during the period. Finally, Wellington Management Group LLP boosted its stake in CareTrust REIT by 18.1% during the 4th quarter. Wellington Management Group LLP now owns 12,355,966 shares of the real estate investment trust’s stock valued at $446,792,000 after purchasing an additional 1,893,143 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

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.