CareTrust REIT (NASDAQ:CTRE) Hits New 52-Week High – Should You Buy?

CareTrust REIT, Inc. (NASDAQ:CTRE) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $38.28 and last traded at $38.2270, with a volume of 224008 shares changing hands. The stock had previously closed at $37.70.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Royal Bank Of Canada raised their price target on shares of CareTrust REIT from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Raymond James Financial set a $39.00 price target on shares of CareTrust REIT and gave the company a “strong-buy” rating in a research report on Tuesday, September 2nd. UBS Group initiated coverage on CareTrust REIT in a research note on Tuesday, November 18th. They issued a “buy” rating and a $42.00 price target for the company. Wells Fargo & Company raised their price objective on CareTrust REIT from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Finally, Cantor Fitzgerald began coverage on CareTrust REIT in a report on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.56.

CareTrust REIT Stock Performance

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 cap of $8.54 billion, a P/E ratio of 48.41, a price-to-earnings-growth ratio of 1.25 and a beta of 0.77. The company has a 50 day moving average price of $35.43 and a 200-day moving average price of $32.95.

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Tuesday, September 30th. CareTrust REIT’s dividend payout ratio is currently 100.00%.

Hedge Funds Weigh In On CareTrust REIT

Several large investors have recently bought and sold shares of the company. Heritage Wealth Advisors raised its position in shares of CareTrust REIT by 42.9% during the third quarter. Heritage Wealth Advisors now owns 1,000 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 300 shares during the last quarter. Allworth Financial LP lifted its position in shares of CareTrust REIT by 114.0% in the 3rd quarter. Allworth Financial LP now owns 1,042 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 555 shares during the period. Parallel Advisors LLC boosted its stake in shares of CareTrust REIT by 109.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 575 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of CareTrust REIT by 134.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 644 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in CareTrust REIT by 75.1% during the third quarter. Farther Finance Advisors LLC now owns 1,492 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 640 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

About CareTrust REIT

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.