CareTrust REIT (NYSE:CTRE) Hits New 12-Month High – Still a Buy?

CareTrust REIT, Inc. (NYSE:CTRE) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $43.10 and last traded at $42.7360, with a volume of 800118 shares. The stock had previously closed at $41.97.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Raymond James Financial began coverage on CareTrust REIT in a report on Tuesday, June 16th. They issued an “outperform” rating and a $43.00 price target for the company. Mizuho set a $45.00 target price on shares of CareTrust REIT in a research report on Friday, May 22nd. KeyCorp restated an “overweight” rating and issued a $46.00 target price on shares of CareTrust REIT in a research report on Friday, May 29th. Citigroup reiterated a “market outperform” rating on shares of CareTrust REIT in a report on Wednesday, June 10th. Finally, BMO Capital Markets boosted their price target on shares of CareTrust REIT from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $44.82.

CareTrust REIT Price Performance

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 company has a market capitalization of $10.09 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 1.81 and a beta of 0.76. The company’s 50 day simple moving average is $39.89 and its 200 day simple moving average is $38.96.

CareTrust REIT Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CTRE. Principal Financial Group Inc. lifted its stake in shares of CareTrust REIT by 7.5% during the fourth quarter. Principal Financial Group Inc. now owns 1,328,660 shares of the company’s stock valued at $48,044,000 after buying an additional 93,101 shares during the period. Sound Income Strategies LLC raised its stake in shares of CareTrust REIT by 6.4% in the 4th quarter. Sound Income Strategies LLC now owns 621,732 shares of the company’s stock valued at $23,477,000 after acquiring an additional 37,503 shares during the period. B&I Capital AG purchased a new stake in shares of CareTrust REIT in the fourth quarter worth about $10,989,000. M&T Bank Corp purchased a new position in CareTrust REIT in the 4th quarter worth approximately $894,000. Finally, Vanderbilt University acquired a new position in CareTrust REIT in the 4th quarter worth $1,125,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

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.