Zacks Investment Research upgraded shares of HCP Inc. (NYSE:HCP) from a hold rating to a buy rating in a research note issued to investors on Wednesday. They currently have $41.00 price objective on the real estate investment trust’s stock.
According to Zacks, “HCP’s current quarter funds from operations (FFO) per share estimate moved up over the past 60 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.”
HCP has been the subject of several other reports. Citigroup Inc. boosted their price objective on HCP from $34.00 to $38.00 and gave the company a neutral rating in a research report on Wednesday, August 24th. Argus reaffirmed a hold rating on shares of HCP in a research report on Sunday, September 18th. Mizuho reaffirmed a hold rating and set a $32.00 price target on shares of HCP in a research report on Tuesday, July 12th. Morgan Stanley downgraded HCP from an equal weight rating to an underweight rating and set a $32.00 price target for the company. in a research report on Wednesday, June 22nd. Finally, Raymond James Financial Inc. assumed coverage on HCP in a research report on Tuesday, July 26th. They set an underperform rating for the company. Six analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. HCP has a consensus rating of Hold and a consensus price target of $34.61.
HCP (NYSE:HCP) opened at 36.06 on Wednesday. HCP has a 12 month low of $25.11 and a 12 month high of $40.43. The company’s market cap is $16.86 billion. The company’s 50-day moving average is $38.33 and its 200-day moving average is $36.16.
HCP (NYSE:HCP) last issued its quarterly earnings data 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. HCP had a negative return on equity of 0.67% and a negative net margin of 2.52%. The business earned $662.20 million during the quarter, compared to analyst estimates of $631.25 million. During the same period in the previous year, the firm earned $0.79 EPS. HCP’s quarterly revenue was up 9.0% compared to the same quarter last year. On average, equities research analysts anticipate that HCP will post $2.82 earnings per share for the current year.
In other HCP news, insider Kendall K. Young sold 9,000 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $39.46, for a total transaction of $355,140.00. Following the transaction, the insider now owns 36,183 shares in the company, valued at approximately $1,427,781.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan M. Bergschneider sold 7,651 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $39.78, for a total value of $304,356.78. Following the transaction, the executive vice president now owns 54,095 shares in the company, valued at approximately $2,151,899.10. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of HCP. Acadian Asset Management LLC purchased a new position in HCP during the first quarter valued at $701,000. Glenmede Trust Co. NA boosted its position in HCP by 1.0% in the first quarter. Glenmede Trust Co. NA now owns 43,235 shares of the real estate investment trust’s stock valued at $1,407,000 after buying an additional 428 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in HCP by 2.4% in the first quarter. TIAA CREF Investment Management LLC now owns 1,793,211 shares of the real estate investment trust’s stock valued at $58,423,000 after buying an additional 42,238 shares during the last quarter. Teachers Advisors Inc. boosted 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. Finally, Franklin Resources Inc. boosted its position in HCP by 20.5% in the first quarter. Franklin Resources Inc. now owns 2,498,130 shares of the real estate investment trust’s stock valued at $81,389,000 after buying an additional 424,832 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.
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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