Short Interest in CareTrust REIT, Inc. (NYSE:CTRE) Rises By 187.0%

CareTrust REIT, Inc. (NYSE:CTRE) was the target of a significant increase in short interest in May. As of May 29th, there was short interest totaling 20,517,458 shares, an increase of 187.0% from the May 14th total of 7,148,122 shares. Approximately 8.7% of the company’s stock are sold short. Based on an average daily trading volume, of 2,863,125 shares, the days-to-cover ratio is currently 7.2 days.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CTRE shares. KeyCorp reiterated an “overweight” rating and set a $46.00 price objective on shares of CareTrust REIT in a report on Friday, May 29th. Mizuho set a $45.00 price objective on CareTrust REIT in a report on Friday, May 22nd. Wells Fargo & Company increased their price objective on CareTrust REIT from $42.00 to $47.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Cantor Fitzgerald increased their price objective on CareTrust REIT from $37.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, February 17th. Finally, Zacks Research upgraded CareTrust REIT from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $44.09.

CareTrust REIT Stock Performance

Shares of CTRE traded down $0.13 during mid-day trading on Friday, reaching $36.62. The company’s stock had a trading volume of 1,143,695 shares, compared to its average volume of 2,510,240. CareTrust REIT has a 1-year low of $27.81 and a 1-year high of $43.08. The stock has a market cap of $8.65 billion, a P/E ratio of 23.46, a PEG ratio of 1.71 and a beta of 0.76. The business has a 50-day simple moving average of $39.49 and a two-hundred day simple moving average of $38.49. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.22.

Institutional Trading of CareTrust REIT

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in CareTrust REIT by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 33,184,181 shares of the company’s stock worth $1,199,940,000 after acquiring an additional 210,965 shares during the period. State Street Corp increased its stake in CareTrust REIT by 1.8% during the 4th quarter. State Street Corp now owns 12,426,213 shares of the company’s stock worth $453,411,000 after acquiring an additional 219,641 shares during the period. Wellington Management Group LLP increased its stake in CareTrust REIT by 18.1% during the 4th quarter. Wellington Management Group LLP now owns 12,355,966 shares of the company’s stock worth $446,792,000 after acquiring an additional 1,893,143 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in CareTrust REIT by 108.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,493,898 shares of the company’s stock worth $234,820,000 after acquiring an additional 3,379,732 shares during the period. Finally, Geode Capital Management LLC increased its stake in CareTrust REIT by 7.2% during the 4th quarter. Geode Capital Management LLC now owns 6,092,398 shares of the company’s stock worth $220,332,000 after acquiring an additional 409,411 shares during the period. 87.77% of the stock is owned by institutional investors and hedge funds.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.