Zacks Investment Research upgraded shares of Community Health Systems, Inc. (NYSE:CYH) from a sell rating to a hold rating in a research note published on Friday.
According to Zacks, “Community Health is well poised for long term growth on the back of its inorganic strategies. The company’s frequent divestitures to streamline core operations have helped it lower its debt burden. As a part of their restructuring plan, the company has started taking up certain corrective measures in order to bring improvement to its top line. However, it has reported third-quarter adjusted loss was wider than the Zacks Consensus Estimate and also compares unfavorably with the year-ago quarter owing to hurricanes Harvey and Irma. Its shares have also underperformed the industry in a yea's time. Following lackluster third-quarter results, the company has lowered its 2017 earnings per share guidance. The company has seen its Zacks Consensus Estimate for 2018 earnings being revised downward in the past seven days.”
Several other research analysts have also recently issued reports on CYH. Cantor Fitzgerald reissued a hold rating and issued a $6.00 price objective on shares of Community Health Systems in a research note on Sunday, November 5th. Royal Bank of Canada reissued a hold rating and issued a $5.00 price objective on shares of Community Health Systems in a research note on Tuesday. Citigroup Inc. dropped their price objective on Community Health Systems from $7.00 to $5.00 and set a neutral rating on the stock in a research note on Friday, November 3rd. Morgan Stanley dropped their price objective on Community Health Systems from $6.50 to $4.50 and set an underweight rating on the stock in a research note on Friday, November 3rd. Finally, Deutsche Bank AG dropped their price objective on Community Health Systems from $13.00 to $8.00 and set a hold rating on the stock in a research note on Thursday, August 3rd. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $6.47.
Shares of Community Health Systems (NYSE:CYH) traded down $0.12 during trading hours on Friday, reaching $4.38. The company had a trading volume of 4,179,200 shares, compared to its average volume of 3,670,475. Community Health Systems has a 52 week low of $4.29 and a 52 week high of $10.51. The company has a current ratio of 2.05, a quick ratio of 1.86 and a debt-to-equity ratio of 10.62.
Community Health Systems (NYSE:CYH) last announced its quarterly earnings data on Wednesday, November 1st. The company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.47). Community Health Systems had a negative return on equity of 3.10% and a negative net margin of 3.97%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period last year, the company earned ($0.35) EPS. The firm’s revenue for the quarter was down 16.3% compared to the same quarter last year. equities research analysts predict that Community Health Systems will post -1.25 earnings per share for the current fiscal year.
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In other Community Health Systems news, major shareholder Tian Qiao Chen acquired 9,766,897 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was purchased at an average price of $7.27 per share, for a total transaction of $71,005,341.19. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.70% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Alps Advisors Inc. purchased a new stake in shares of Community Health Systems during the 2nd quarter valued at $107,000. Shelton Capital Management purchased a new stake in shares of Community Health Systems during the 2nd quarter valued at $110,000. Fox Run Management L.L.C. purchased a new stake in shares of Community Health Systems during the 2nd quarter valued at $126,000. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Community Health Systems by 134.4% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 14,300 shares of the company’s stock valued at $127,000 after purchasing an additional 8,200 shares during the last quarter. Finally, Group One Trading L.P. lifted its holdings in shares of Community Health Systems by 27.5% during the 2nd quarter. Group One Trading L.P. now owns 14,765 shares of the company’s stock valued at $147,000 after purchasing an additional 3,189 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.
About Community Health Systems
Community Health Systems, Inc is an operator of general acute care hospitals and outpatient facilities in communities across the country. The Company operates through hospital operations segment, which includes its general acute care hospitals and related healthcare entities that provide inpatient and outpatient healthcare services.
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