Primary Health Properties (LON:PHP) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Price breakout: Primary Health Properties' shares crossed above their 200-day moving average (200-day SMA GBX 96.94), trading as high as GBX 105.10 and last at GBX 105 on volume of about 10.48 million shares.
• Analyst support: Berenberg raised its target to GBX 128 and rated the stock "Buy"; the consensus rating is "Buy" with an average target of GBX 121.
• Business and valuation: PHP is a healthcare real estate investor focused on long-term, government-backed leases, with a market cap of £2.72 billion and a PE ratio of 14.58.

Primary Health Properties Plc (LON:PHP - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 96.94 and traded as high as GBX 105.10. Primary Health Properties shares last traded at GBX 105, with a volume of 10,484,745 shares trading hands.

Wall Street Analyst Weigh In

Separately, Berenberg Bank increased their target price on Primary Health Properties from GBX 122 to GBX 128 and gave the stock a "buy" rating in a research note on Monday, January 26th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of GBX 121.

Primary Health Properties Price Performance

The company has a market capitalization of £2.72 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 5.64 and a beta of 0.72. The stock's 50 day simple moving average is GBX 103.72 and its 200-day simple moving average is GBX 96.94.

About Primary Health Properties

PHP invests in flexible, modern properties for local primary healthcare. The overall objective of the group is to create progressive returns to shareholders through a combination of earnings growth and capital appreciation. To achieve this, PHP invests in healthcare real estate let on long-term leases, backed by secure underlying covenants where the majority of rental income is funded directly or indirectly by a government body.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.