HCP Inc. (NYSE:HCP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “HCP’s current quarter funds from operations (FFO) per share estimate remained unchanged over the past 30 days period. In a notable development, in May, its Board of Directors approved the spin-off of the HCR ManorCare’s (HCRMC) portfolio of Skilled Nursing Facility (SNF) and assisted living assets, and other skilled nursing assets, into an independent and publicly-traded REIT (SpinCo), creating more values for shareholders. Further, HCP stands to gain from its diverse portfolio, rising healthcare spending and an aging population. Also, an anticipated continuation of low-rate environment is an advantage for it, though its huge dependence on few geographic markets and cut-throat competition remain as concerns.”
Other research analysts have also recently issued research reports about the stock. Argus reaffirmed a “hold” rating on shares of HCP in a report on Wednesday, June 15th. Wells Fargo & Co. reaffirmed a “hold” rating on shares of HCP in a report on Sunday, September 4th. Mizuho reaffirmed a “hold” rating and issued a $32.00 price target on shares of HCP in a report on Tuesday, July 12th. Goldman Sachs Group Inc. raised shares of HCP from a “sell” rating to a “neutral” rating and raised their price target for the stock from $26.00 to $36.00 in a report on Friday, July 8th. Finally, Jefferies Group reaffirmed a “neutral” rating on shares of HCP in a report on Wednesday, July 6th. Seven analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $33.93.
HCP (NYSE:HCP) opened at 38.76 on Monday. The stock’s market cap is $18.12 billion. HCP has a 1-year low of $25.11 and a 1-year high of $40.43. The company’s 50 day moving average is $38.88 and its 200-day moving average is $35.84.
HCP (NYSE:HCP) last posted its quarterly earnings results on Tuesday, August 9th. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The business earned $662.20 million during the quarter, compared to analysts’ expectations of $631.25 million. HCP had a negative net margin of 2.52% and a negative return on equity of 0.67%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. Equities research analysts forecast that HCP will post $2.83 earnings per share for the current fiscal year.
In other HCP news, insider Darren A. Kowalske sold 2,250 shares of the stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $39.20, for a total transaction of $88,200.00. Following the transaction, the insider now directly owns 9,793 shares of the company’s stock, valued at $383,885.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Thomas D. Kirby sold 3,000 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $40.24, for a total transaction of $120,720.00. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company’s stock.
A number of institutional investors have recently bought and sold shares of HCP. FDO Partners LLC increased its position in HCP by 4.4% in the first quarter. FDO Partners LLC now owns 29,288 shares of the real estate investment trust’s stock valued at $954,000 after buying an additional 1,241 shares during the last quarter. Allegis Investment Advisors LLC increased its position in HCP by 25.5% in the first quarter. Allegis Investment Advisors LLC now owns 22,142 shares of the real estate investment trust’s stock valued at $721,000 after buying an additional 4,500 shares during the last quarter. Willingdon Wealth Management bought a new position in HCP during the first quarter valued at about $1,313,000. Prudential Financial Inc. increased its position in HCP by 84.2% in the first quarter. Prudential Financial Inc. now owns 2,456,238 shares of the real estate investment trust’s stock valued at $80,024,000 after buying an additional 1,123,100 shares during the last quarter. Finally, Teachers Advisors Inc. increased its position in HCP by 2.7% in the first quarter. Teachers Advisors Inc. now owns 1,311,228 shares of the real estate investment trust’s stock valued at $42,720,000 after buying an additional 34,803 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.
HCP Company Profile
HCP, Inc (HCP) is a self-administered real estate investment trust (REIT). The Company invests in real estate serving the healthcare industry in the United States. Its portfolio consists of investments in various healthcare segments: senior housing, post-acute/skilled nursing, life science, medical office and hospital.
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