HCP Inc. (HCP) Lowered to Hold at Zacks Investment Research
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 analysts also recently commented on HCP. Argus reaffirmed a hold rating on shares of HCP in a research note on Sunday, September 18th. Wells Fargo & Co. reiterated a hold rating on shares of HCP in a report on Sunday, September 4th. Mizuho increased 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. Citigroup Inc. increased 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. Finally, BTIG Research assumed coverage on shares of HCP in a report on Thursday, August 25th. They set a neutral rating on the stock. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $34.61.
Shares of HCP (NYSE:HCP) traded up 0.11% on Thursday, reaching $35.99. 1,558,309 shares of the company’s stock traded hands. HCP has a 12-month low of $25.11 and a 12-month high of $40.43. The company’s market cap is $16.83 billion. The stock has a 50-day moving average price of $38.54 and a 200-day moving average price of $36.04.
HCP (NYSE:HCP) last posted its quarterly earnings results on Tuesday, August 9th. The real estate investment trust reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company 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%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.79 EPS. Equities research analysts anticipate that HCP will post $2.82 EPS for the current fiscal year.
In other news, insider Darren A. Kowalske sold 2,250 shares of the firm’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $39.20, for a total value of $88,200.00. Following the transaction, the insider now directly owns 9,793 shares in the company, valued at approximately $383,885.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas D. Kirby sold 3,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $40.24, for a total value of $120,720.00. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of HCP. Penserra Capital Management LLC increased its stake in shares of HCP by 1.2% in the second quarter. Penserra Capital Management LLC now owns 3,075 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 37 shares during the last quarter. Westbourne Investment Advisors Inc. acquired a new stake in shares of HCP during the second quarter valued at approximately $142,000. Iowa State Bank acquired a new stake in shares of HCP during the second quarter valued at approximately $145,000. Washington Trust Bank increased its stake in shares of 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. Finally, Advisory Services Network LLC increased its stake in shares of HCP by 29.2% in the second quarter. Advisory Services Network LLC now owns 4,252 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 961 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.
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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