PGGM Investments Sells 1,326,045 Shares of Welltower Inc. (HCN)
PGGM Investments reduced its stake in shares of Welltower Inc. (NYSE:HCN) by 23.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,378,163 shares of the real estate investment trust’s stock after selling 1,326,045 shares during the period. Welltower comprises about 1.7% of PGGM Investments’ holdings, making the stock its 9th largest position. PGGM Investments’ holdings in Welltower were worth $333,485,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Windward Capital Management Co. CA increased its position in shares of Welltower by 2.8% in the second quarter. Windward Capital Management Co. CA now owns 3,655 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 99 shares during the last quarter. Genesee Valley Trust Co. increased its position in shares of Welltower by 2.3% in the second quarter. Genesee Valley Trust Co. now owns 4,430 shares of the real estate investment trust’s stock valued at $337,000 after buying an additional 100 shares during the last quarter. NEXT Financial Group Inc increased its position in shares of Welltower by 2.1% in the second quarter. NEXT Financial Group Inc now owns 5,056 shares of the real estate investment trust’s stock valued at $385,000 after buying an additional 104 shares during the last quarter. Washington Trust Bank increased its position in shares of Welltower by 11.1% in the second quarter. Washington Trust Bank now owns 1,498 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 150 shares during the last quarter. Finally, Commonwealth Equity Services Inc increased its position in shares of Welltower by 0.3% in the first quarter. Commonwealth Equity Services Inc now owns 64,189 shares of the real estate investment trust’s stock valued at $4,451,000 after buying an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 87.85% of the company’s stock.
Shares of Welltower Inc. (NYSE:HCN) traded up 1.59% during mid-day trading on Wednesday, hitting $74.34. The stock had a trading volume of 2,891,675 shares. The company has a market cap of $26.61 billion, a P/E ratio of 40.23 and a beta of 0.43. The firm’s 50 day moving average price is $76.26 and its 200 day moving average price is $72.81. Welltower Inc. has a 1-year low of $52.80 and a 1-year high of $80.19.
Welltower (NYSE:HCN) last announced its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.01. Welltower had a return on equity of 5.08% and a net margin of 17.15%. The company earned $1.08 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company earned $1.09 EPS. Welltower’s revenue was up 12.5% compared to the same quarter last year. Analysts predict that Welltower Inc. will post $4.58 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 22nd. Stockholders of record on Tuesday, August 9th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date of this dividend was Friday, August 5th. Welltower’s payout ratio is 185.95%.
Several equities analysts have issued reports on the company. RBC Capital Markets reiterated a “sector perform” rating and issued a $77.00 price objective (up previously from $72.00) on shares of Welltower in a research report on Thursday, August 4th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $72.00 price objective on shares of Welltower in a research report on Thursday, June 30th. Citigroup Inc. lifted their price objective on Welltower from $73.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, August 11th. Royal Bank Of Canada lifted their target price on Welltower from $72.00 to $77.00 and gave the company a “sector perform” rating in a research note on Thursday, August 4th. Finally, Hilliard Lyons cut Welltower from a “neutral” rating to an “underperform” rating in a research note on Tuesday, August 2nd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $72.25.
In related news, CFO Scott A. Estes sold 3,193 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $76.39, for a total value of $243,913.27. Following the completion of the sale, the chief financial officer now directly owns 133,127 shares in the company, valued at $10,169,571.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey H. Miller sold 24,777 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $78.00, for a total value of $1,932,606.00. Following the completion of the sale, the chief operating officer now owns 136,095 shares of the company’s stock, valued at $10,615,410. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.
Welltower Inc, formerly Health Care REIT, Inc, is a provider of healthcare infrastructure. The Company operates through three segments: triple-net, which includes independent living facilities, independent supportive living facilities (Canada), continuing care retirement communities, assisted living facilities, care homes with and without nursing (United Kingdom), Alzheimer’s/dementia care facilities, long-term/post-acute care facilities and hospitals; seniors housing operating, which includes a range of facility types, including independent living facilities and independent supportive living facilities, assisted living facilities, care homes and Alzheimer’s/dementia care facilities, and outpatient medical, which includes outpatient medical buildings.
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