Healthpeak Properties (DOC) Shows Strong Performance Amid Market Trends
Denver-based Healthpeak Properties, Inc. (DOC), with a market capitalization of $15.9 billion, focuses on owning and developing premium real estate for healthcare. Its impressive portfolio exceeds $20 billion and includes properties for lab, outpatient medical, and continuing care retirement community (CCRC) tenants.
Over the past year, DOC’s shares have significantly outperformed the broader market. The stock has increased by 38%, compared to a nearly 36.8% rise in the S&P 500 Index ($SPX). However, in just 2024, DOC stock has gained 15%, while the S&P 500 has surged by 25.7% year-to-date (YTD).
When compared directly, DOC has also outpaced the Real Estate Select Sector SPDR Fund (XLRE), which has grown by 27.1% over the last year and only 9.6% in 2024.
On October 24, DOC released its Q3 earnings. Following this announcement, its shares fell by over 3% in the next trading session. The company reported funds from operations (FFO) of $320.8 million, or 45 cents per share, surpassing the forecast of 44 cents. Healthpeak anticipates a full-year FFO of between $1.79 and $1.81 per share.
For the fiscal year ending in December, analysts project DOC will see an FFO growth of 1.1%, reaching $1.80 on a diluted basis. The company’s earnings history has consistently surprised analysts, as it has exceeded consensus estimates in each of the last four quarters.
Out of 19 analysts covering DOC stock, the consensus rating is a “Moderate Buy,” with 12 “Strong Buy” ratings, one “Moderate Buy,” and six “Holds.”
This sentiment has shifted positively compared to a month ago, when only 11 analysts recommended a “Strong Buy” for the stock.
Recently, Mizuho Financial Group, Inc. (MFG) analyst Vikram Malhotra maintained a “Buy” rating for Healthpeak Properties. He highlighted the company’s strategic growth potential and solid internal expansion. Management aims for external growth and predicts a 5-7% increase in FFO by 2026-2027, specifically in the promising Life Sciences and Medical Office sectors.
With a mean price target of $25.72, there is a 13% upside compared to DOC’s current price. The highest price target of $33 suggests a potential increase of 45%.
More Stock Market News from Barchart
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
