CareTrust REIT (NYSE:CTRE) Hits New 1-Year High – Time to Buy?

CareTrust REIT, Inc. (NYSE:CTRE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $43.62 and last traded at $42.7470, with a volume of 1713414 shares traded. The stock had previously closed at $42.96.

Wall Street Analyst Weigh In

CTRE has been the subject of a number of analyst reports. Mizuho set a $45.00 price objective on shares of CareTrust REIT in a research report on Friday, May 22nd. BMO Capital Markets increased their target price on shares of CareTrust REIT from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, June 15th. Zacks Research raised shares of CareTrust REIT from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Wells Fargo & Company boosted their price target on shares of CareTrust REIT from $42.00 to $47.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Finally, Raymond James Financial initiated coverage on shares of CareTrust REIT in a research report on Tuesday, June 16th. They set an “outperform” rating and a $43.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, CareTrust REIT currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.82.

CareTrust REIT Stock Performance

The company has a 50 day simple moving average of $40.12 and a 200-day simple moving average of $39.38. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.38 and a quick ratio of 2.37. The stock has a market cap of $9.84 billion, a P/E ratio of 26.71, a price-to-earnings-growth ratio of 1.91 and a beta of 0.76.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.39 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.56 dividend on an annualized basis and a yield of 3.7%. CareTrust REIT’s payout ratio is presently 100.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Kemnay Advisory Services Inc. purchased a new stake in shares of CareTrust REIT in the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC raised its position in CareTrust REIT by 520.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 868 shares of the company’s stock worth $32,000 after purchasing an additional 728 shares during the period. EverSource Wealth Advisors LLC raised its position in CareTrust REIT by 134.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company’s stock worth $34,000 after purchasing an additional 644 shares during the period. Mcguire Capital Advisors Inc. bought a new stake in CareTrust REIT in the fourth quarter worth $40,000. Finally, Groesbeck Investment Management Corp NJ bought a new stake in CareTrust REIT in the fourth quarter worth $43,000. 87.77% of the stock is currently owned by institutional investors.

About CareTrust REIT

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.