Intech Investment Management LLC Cuts Holdings in CareTrust REIT, Inc. $CTRE

Intech Investment Management LLC decreased its position in shares of CareTrust REIT, Inc. (NYSE:CTRE) by 16.4% in the fourth quarter, HoldingsChannel reports. The firm owned 86,016 shares of the company’s stock after selling 16,857 shares during the quarter. Intech Investment Management LLC’s holdings in CareTrust REIT were worth $3,110,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in shares of CareTrust REIT by 7.2% during the fourth quarter. Geode Capital Management LLC now owns 6,092,398 shares of the company’s stock valued at $220,332,000 after purchasing an additional 409,411 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its position in shares of CareTrust REIT by 41.2% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 81,056 shares of the company’s stock valued at $2,931,000 after purchasing an additional 23,665 shares in the last quarter. Allstate Corp purchased a new position in shares of CareTrust REIT during the fourth quarter valued at about $1,065,000. Legal & General Group Plc grew its position in shares of CareTrust REIT by 10.6% during the fourth quarter. Legal & General Group Plc now owns 1,558,522 shares of the company’s stock valued at $56,356,000 after purchasing an additional 149,633 shares in the last quarter. Finally, Coldstream Capital Management Inc. grew its position in shares of CareTrust REIT by 67.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 10,754 shares of the company’s stock valued at $389,000 after purchasing an additional 4,319 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wells Fargo & Company raised their price objective on CareTrust REIT from $42.00 to $47.00 and gave the company an “overweight” rating in a research report on Monday. Cantor Fitzgerald lifted their price target on CareTrust REIT from $37.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 17th. KeyCorp reiterated an “overweight” rating and issued a $46.00 price target on shares of CareTrust REIT in a research report on Friday. Weiss Ratings lowered CareTrust REIT from a “buy (a)” rating to a “buy (a-)” rating in a research report on Tuesday, May 26th. Finally, Royal Bank Of Canada lifted their price target on CareTrust REIT from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $44.09.

CareTrust REIT Trading Down 1.6%

CTRE opened at $38.73 on Wednesday. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.22. The firm has a market cap of $9.15 billion, a P/E ratio of 24.82, a P/E/G ratio of 1.78 and a beta of 0.76. CareTrust REIT, Inc. has a 12 month low of $27.81 and a 12 month high of $43.08. The stock has a 50-day moving average of $39.39 and a 200 day moving average of $38.41.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.0%. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.34. CareTrust REIT’s dividend payout ratio is 100.00%.

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.