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HCP

HCP

$36.52

0.43 (1.19%)

16:18
10/13/16
10/13
16:18
10/13/16
16:18

HCP approves spin-off of Quality Care Properties

HCP has approved, subject to certain conditions, the previously announced spin-off of HCP's HCR ManorCare portfolio of skilled nursing and assisted living assets, as well as certain other assets, into Quality Care Properties, which will be an independent, publicly-traded REIT. The spin-off will be effected through a pro rata distribution of the outstanding shares of QCP common stock to HCP's stockholders of record as of the close of business on October 24. Each HCP stockholder will receive one share of QCP common stock for every five shares of HCP common stock held on the record date. No action is required by HCP stockholders to receive their QCP shares in the distribution, expected to occur on October 31. Following the spin-off, HCP will continue to be listed on the NYSE under "HCP." QCP will list its common stock on the NYSE under the symbol "QCP." The Spin-Off remains subject to the satisfaction of certain conditions, including the effectiveness of the registration statement on Form 10 filed by QCP, which is expected to occur shortly.

HCP HCP
$36.52

0.43 (1.19%)

06/22/16
MSCO
06/22/16
DOWNGRADE
MSCO
Underweight
HCP downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Vikram Malhotra downgraded HCP to Underweight on anticipation the market prices in elevated risk of rent cuts, driving multiple contraction, triple net rent coverage trends move slightly lower, and the spin off of the nursing business will not be a material catalyst.
07/08/16
GSCO
07/08/16
UPGRADE
Target $36
GSCO
Neutral
HCP upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Andrew Rosivach upgraded HCP to Neutral saying the spinoff of the company's skilled nursing portfolio will lead to an increased focus on the value of HCP on a sum-of-the-parts basis. The analyst upped his price target for the shares to $36 from $26.
07/26/16
RAJA
07/26/16
INITIATION
RAJA
Underperform
HCP initiated with an Underperform at Raymond James
Raymond James analyst Jonathan Hughes started HCP with an Underperform rating. The analyst views the risk/reward as skewed to downside risk amid new management uncertainty and a lack of details for the skilled nursing spinoff.
10/04/16
BOFA
10/04/16
UPGRADE
BOFA
Neutral
HCP upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill analyst Juan Sanabria upgraded HCP, Inc to Neutral and raised its price target to $38.50 from $32 following the Quality Care Properties spinoff. The analyst said HCP's portfolio is significantly improved and merits a valuation similar to peers.

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