HCP Inc. (NYSE:HCP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $41.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price suggests a potential upside of 14.05% from the company’s current price.
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.”
Several other brokerages also recently commented on HCP. Citigroup Inc. lifted their target price on shares of HCP from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 24th. BTIG Research assumed coverage on shares of HCP in a report on Thursday, August 25th. They issued a “neutral” rating on the stock. Wells Fargo & Co. reiterated a “hold” rating on shares of HCP in a report on Sunday, September 4th. Raymond James Financial Inc. assumed coverage on shares of HCP in a report on Tuesday, July 26th. They issued an “underperform” rating on the stock. Finally, Mizuho lifted their target price on shares of HCP from $32.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, August 10th. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $34.61.
Shares of HCP (NYSE:HCP) opened at 36.20 on Wednesday. HCP has a 12-month low of $25.11 and a 12-month high of $40.43. The stock’s 50 day moving average price is $38.54 and its 200-day moving average price is $36.04. The firm’s market capitalization is $16.93 billion.
HCP (NYSE:HCP) last released its quarterly earnings results on Tuesday, August 9th. The real estate investment trust reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The business had revenue of $662.20 million for the quarter, compared to the consensus estimate of $631.25 million. HCP had a negative net margin of 2.52% and a negative return on equity of 0.67%. HCP’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. On average, equities analysts expect that HCP will post $2.82 EPS for the current year.
In related news, insider Kendall K. Young sold 9,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $39.46, for a total value of $355,140.00. Following the sale, the insider now directly owns 36,183 shares in the company, valued at approximately $1,427,781.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jonathan M. Bergschneider sold 7,651 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $39.78, for a total value of $304,356.78. Following the completion of the sale, the executive vice president now owns 54,095 shares in the company, valued at $2,151,899.10. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Pictet Asset Management Ltd. boosted its stake in shares of HCP by 3.1% in the first quarter. Pictet Asset Management Ltd. now owns 268,152 shares of the real estate investment trust’s stock worth $7,932,000 after buying an additional 8,000 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in shares of HCP by 49.2% in the first quarter. Rafferty Asset Management LLC now owns 60,928 shares of the real estate investment trust’s stock worth $1,985,000 after buying an additional 20,103 shares in the last quarter. Kempen Capital Management N.V. boosted its stake in shares of HCP by 21.0% in the first quarter. Kempen Capital Management N.V. now owns 158,746 shares of the real estate investment trust’s stock worth $5,172,000 after buying an additional 27,503 shares in the last quarter. Credit Agricole S A boosted its stake in shares of HCP by 3.3% in the first quarter. Credit Agricole S A now owns 244,490 shares of the real estate investment trust’s stock worth $7,965,000 after buying an additional 7,725 shares in the last quarter. Finally, Aviva PLC boosted its stake in shares of HCP by 2.8% in the first quarter. Aviva PLC now owns 260,765 shares of the real estate investment trust’s stock worth $8,496,000 after buying an additional 7,067 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for HCP Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HCP Inc. and related companies with MarketBeat.com's FREE daily email newsletter.