Why Welltower Inc (HCN) got Upgraded?

Welltower Inc (NYSE:HCN) received a stock rating upgrade from RBC Capital Mkts on Apr-01-16. In a note to investors, the firm issued a Sector Perform rating and also issued the target price on the stock of $70. The analysts previously had an Outperform rating on the stock.

The 52-week price range is $ 52.80 – 75.71 and the company has a market capitalization of $ 24.71B. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. 1 analyst has rated the stock with a sell rating, 11 has assigned a hold rating, 1 says it’s a buy, and 5 have assigned a strong buy rating to the company.

Welltower Inc (HCN) on March 1, 2016 announced that it has successfully completed its offering of $700 million in aggregate principal amount of 4.25% senior unsecured notes due April 1, 2026. The notes were priced at 99.227% of their face amount to yield 4.345%.

“This transaction demonstrates Welltower’s disciplined approach to balance sheet management and capital allocation by maintaining a long-duration, predominately fixed rate debt capital structure,” said Scott Estes, Welltower’s Chief Financial Officer. “As a result of strong investor demand and growing market appreciation of our asset quality and strategy, we addressed our near-term capital needs while significantly enhancing our financial flexibility and liquidity.”

The company intends to use the net proceeds from this offering to repay advances under its primary unsecured credit facility and for general corporate purposes, including investing in health care and seniors housing properties. Pending such use, the net proceeds may be invested in short-term, investment grade, interest-bearing securities, certificates of deposit or indirect or guaranteed obligations of the United States.

UBS Securities LLC, Wells Fargo Securities, LLC, Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. served as joint book-running managers for the offering.

Welltower Inc. is an independent equity real estate investment trust. The firm engages in acquiring, planning, developing, managing, repositioning and monetizing of real estate assets. It primarily invests in the real estate markets of the United States. The firm primarily invests in senior living and health care properties. It invests across the full spectrum of health care real estate, including senior living communities, medical office buildings, inpatient and outpatient medical centers and life science facilities. The firm conducts in-house research to make its investments. It was formerly known as Health Care REIT, Inc. Welltower Inc. was founded in 1970 and is based in Toledo, Ohio with additional offices in Brentwood, Tennessee and Dallas, Texas.

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