Bank of America Corp. upgraded shares of HCP Inc. (NYSE:HCP) from an underperform rating to a neutral rating in a report published on Tuesday. They currently have $38.50 target price on the real estate investment trust’s stock.
HCP has been the topic of several other reports. Citigroup Inc. increased their price objective on shares of HCP from $34.00 to $38.00 and gave the company a neutral rating in a report on Wednesday, August 24th. Argus reaffirmed a hold rating on shares of HCP in a report on Sunday, September 18th. Zacks Investment Research downgraded shares of HCP from a buy rating to a hold rating in a report on Monday, September 26th. Mizuho reaffirmed a hold rating and set a $32.00 price objective on shares of HCP in a report on Tuesday, July 12th. Finally, Morgan Stanley downgraded shares of HCP from an equal weight rating to an underweight rating and set a $32.00 price objective on the stock. in a report on Wednesday, June 22nd. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $34.61.
HCP (NYSE:HCP) traded down 1.724% during trading on Tuesday, hitting $36.205. 437,868 shares of the company were exchanged. The company’s market capitalization is $16.93 billion. The stock’s 50-day moving average is $38.72 and its 200-day moving average is $36.04. HCP has a 12 month low of $25.11 and a 12 month high of $40.43.
HCP (NYSE:HCP) last announced 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. HCP had a negative net margin of 2.52% and a negative return on equity of 0.67%. The firm had revenue of $662.20 million for the quarter, compared to the consensus estimate of $631.25 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. Equities research analysts anticipate that HCP will post $2.83 earnings per share for the current year.
In other HCP news, insider Darren A. Kowalske sold 2,250 shares of the stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $39.20, for a total transaction of $88,200.00. Following the completion of the transaction, the insider now owns 9,793 shares of the company’s stock, valued at $383,885.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jonathan M. Bergschneider sold 7,651 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $39.78, for a total transaction of $304,356.78. Following the transaction, the executive vice president now directly owns 54,095 shares of the company’s stock, 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 made changes to their positions in HCP. State Street Corp raised its position in shares of HCP by 12.0% in the second quarter. State Street Corp now owns 39,551,521 shares of the real estate investment trust’s stock valued at $1,399,338,000 after buying an additional 4,237,902 shares during the period. Cohen & Steers Inc. raised its position in shares of HCP by 9.7% in the second quarter. Cohen & Steers Inc. now owns 40,390,203 shares of the real estate investment trust’s stock valued at $1,429,005,000 after buying an additional 3,565,515 shares during the period. Franklin Resources Inc. raised its position in shares of HCP by 119.5% in the second quarter. Franklin Resources Inc. now owns 5,484,225 shares of the real estate investment trust’s stock valued at $194,032,000 after buying an additional 2,986,095 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of HCP during the second quarter valued at $86,770,000. Finally, Vanguard Group Inc. raised its position in shares of HCP by 2.5% in the second quarter. Vanguard Group Inc. now owns 64,880,191 shares of the real estate investment trust’s stock valued at $2,295,461,000 after buying an additional 1,578,634 shares during the period. 90.96% of the stock is owned by institutional investors.
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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