HCP Inc. (NYSE:HCP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “HCP’s current quarter funds from operations (FFO) per share estimate remained stable over the past 30 days. Recently, the company revealed pricing a $750 million offering of notes by its wholly owned subsidiary, Quality Care Properties, Inc. (QCP) in relation with the planned spin-off. Notably 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, 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.”
Several other research firms have also recently issued reports on HCP. Argus restated a “hold” rating on shares of HCP in a research note on Wednesday, June 15th. BTIG Research started coverage on shares of HCP in a research note on Thursday, August 25th. They set a “neutral” rating on the stock. Goldman Sachs Group Inc. upgraded shares of HCP from a “sell” rating to a “neutral” rating and upped their target price for the company from $26.00 to $36.00 in a research note on Friday, July 8th. Jefferies Group restated a “neutral” rating on shares of HCP in a research note on Wednesday, July 6th. Finally, Bank of America Corp. upgraded shares of HCP from an “underperform” rating to a “neutral” rating and set a $38.50 target price on the stock in a research note on Tuesday. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $34.61.
Shares of HCP (NYSE:HCP) traded down 0.19% during mid-day trading on Thursday, hitting $36.24. 1,008,553 shares of the stock were exchanged. HCP has a 52 week low of $25.11 and a 52 week high of $40.43. The stock’s market capitalization is $16.95 billion. The stock’s 50-day moving average is $38.64 and its 200-day moving average is $36.04.
HCP (NYSE:HCP) last posted its earnings results on Tuesday, August 9th. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The business had revenue of $662.20 million for 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 revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 EPS. Analysts forecast that HCP will post $2.83 earnings per share for the current fiscal year.
In other HCP news, insider Kendall K. Young sold 9,000 shares of HCP stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $39.46, for a total transaction of $355,140.00. Following the completion of the transaction, the insider now directly owns 36,183 shares of the company’s stock, valued at $1,427,781.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas D. Kirby sold 3,000 shares of HCP stock in a transaction on Wednesday, September 7th. The stock was 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. 0.22% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. First National Bank of Mount Dora Trust Investment Services raised its position in HCP by 3.0% in the third quarter. First National Bank of Mount Dora Trust Investment Services now owns 54,763 shares of the real estate investment trust’s stock valued at $2,078,000 after buying an additional 1,575 shares during the last quarter. Kempner Capital Management Inc. purchased a new position in HCP during the third quarter valued at approximately $213,000. Washington Trust Bank raised its position in HCP by 39.5% in the third quarter. Washington Trust Bank now owns 3,842 shares of the real estate investment trust’s stock valued at $146,000 after buying an additional 1,087 shares during the last quarter. Carnick & Kubik Group LLC purchased a new position in HCP during the second quarter valued at approximately $315,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in HCP during the second quarter valued at approximately $667,000. 90.96% of the stock is owned by institutional investors.
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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