JPMorgan Chase & Co. Raises HCP (NYSE:HCP) Price Target to $35.00

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HCP (NYSE:HCP) had its price target raised by JPMorgan Chase & Co. from $32.00 to $35.00 in a research note released on Tuesday, BenzingaRatingsTable reports. They currently have a neutral rating on the real estate investment trust’s stock.

HCP has been the topic of a number of other reports. Raymond James raised shares of HCP from a market perform rating to an outperform rating and set a $35.00 target price on the stock in a report on Thursday, June 13th. KeyCorp boosted their target price on shares of HCP from $32.00 to $34.00 and gave the stock an overweight rating in a report on Monday, July 1st. Stifel Nicolaus boosted their target price on shares of HCP from $34.00 to $37.00 and gave the stock a buy rating in a report on Tuesday, September 3rd. They noted that the move was a valuation call. Barclays assumed coverage on shares of HCP in a report on Tuesday, September 3rd. They set an overweight rating and a $37.00 target price on the stock. Finally, TheStreet raised shares of HCP from a c+ rating to a b- rating in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. HCP presently has a consensus rating of Buy and an average target price of $33.30.

Shares of HCP stock opened at $34.61 on Tuesday. The firm has a market capitalization of $17.04 billion, a PE ratio of 19.02, a price-to-earnings-growth ratio of 6.87 and a beta of 0.25. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95. The firm’s 50 day moving average is $33.92 and its 200 day moving average is $31.96. HCP has a 1 year low of $24.47 and a 1 year high of $36.07.

HCP (NYSE:HCP) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.46). HCP had a return on equity of 15.54% and a net margin of 53.57%. The business had revenue of $489.15 million for the quarter, compared to the consensus estimate of $444.67 million. During the same period in the previous year, the firm earned $0.45 earnings per share. The company’s revenue was up 4.5% compared to the same quarter last year. As a group, research analysts anticipate that HCP will post 1.75 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, August 5th were given a $0.37 dividend. The ex-dividend date was Friday, August 2nd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.28%. HCP’s dividend payout ratio (DPR) is currently 81.32%.

In other news, COO Thomas Klaritch sold 35,014 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $36.02, for a total value of $1,261,204.28. Following the transaction, the chief operating officer now owns 230,529 shares in the company, valued at approximately $8,303,654.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Securities Inc. acquired a new position in shares of HCP during the 4th quarter valued at $345,000. Geode Capital Management LLC lifted its position in shares of HCP by 11.8% during the 4th quarter. Geode Capital Management LLC now owns 7,752,843 shares of the real estate investment trust’s stock valued at $216,236,000 after acquiring an additional 821,285 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of HCP during the 1st quarter valued at $261,000. Candriam Luxembourg S.C.A. lifted its position in shares of HCP by 48.6% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 60,759 shares of the real estate investment trust’s stock valued at $2,245,000 after acquiring an additional 19,859 shares during the period. Finally, Crossmark Global Holdings Inc. lifted its position in shares of HCP by 1.0% during the 1st quarter. Crossmark Global Holdings Inc. now owns 45,925 shares of the real estate investment trust’s stock valued at $1,437,000 after acquiring an additional 450 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

About HCP

HCP, Inc is a fully integrated real estate investment trust (REIT) that invests in real estate serving the healthcare industry in the United States. HCP owns a large-scale portfolio primarily diversified across life science, medical office and senior housing. Recognized as a global leader in sustainability, HCP has been a publicly-traded company since 1985 and was the first healthcare REIT selected to the S&P 500 index.

Further Reading: Quiet Period

Analyst Recommendations for HCP (NYSE:HCP)

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