Community Health Systems, Inc. (CYH) Debt Trading 1.1% Lower

An issue of Community Health Systems, Inc. (NYSE:CYH) debt fell 1.1% against its face value during trading on Wednesday. The high-yield debt issue has a 7.125% coupon and is set to mature on July 15, 2020. The debt is now trading at $87.94 and was trading at $86.25 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.

Several brokerages have issued reports on CYH. Zacks Investment Research raised shares of Community Health Systems from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, July 11th. BidaskClub raised shares of Community Health Systems from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Piper Jaffray Companies reissued a “sell” rating and issued a $9.00 price target on shares of Community Health Systems in a report on Wednesday, July 26th. ValuEngine raised shares of Community Health Systems from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $7.00 price target on shares of Community Health Systems in a report on Tuesday, September 5th. Seven equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. Community Health Systems has an average rating of “Hold” and a consensus price target of $7.52.

Community Health Systems, Inc. (CYH) traded down 7.00% during midday trading on Wednesday, hitting $5.98. 5,339,898 shares of the stock traded hands. The firm’s 50 day moving average is $7.25 and its 200-day moving average is $8.36. The stock’s market capitalization is $669.37 million. Community Health Systems, Inc. has a 12-month low of $4.15 and a 12-month high of $10.67.

Community Health Systems (NYSE:CYH) last posted its earnings results on Tuesday, August 1st. The company reported ($0.25) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.31). Community Health Systems had a positive return on equity of 0.07% and a negative net margin of 3.63%. The firm had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same period in the prior year, the business posted $0.09 EPS. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. On average, analysts anticipate that Community Health Systems, Inc. will post ($0.37) EPS for the current fiscal year.

In related news, major shareholder Tian Qiao Chen purchased 9,766,897 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average price of $7.27 per share, for a total transaction of $71,005,341.19. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CYH. BlackRock Inc. increased its position in shares of Community Health Systems by 38,765.3% in the first quarter. BlackRock Inc. now owns 14,685,650 shares of the company’s stock worth $130,263,000 after purchasing an additional 14,647,864 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Community Health Systems by 131.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,957,164 shares of the company’s stock worth $49,374,000 after purchasing an additional 2,819,955 shares during the period. Franklin Resources Inc. bought a new position in shares of Community Health Systems in the second quarter worth $14,946,000. Vanguard Group Inc. increased its position in shares of Community Health Systems by 15.2% in the first quarter. Vanguard Group Inc. now owns 9,953,542 shares of the company’s stock worth $88,288,000 after purchasing an additional 1,312,513 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Community Health Systems by 440.5% in the first quarter. JPMorgan Chase & Co. now owns 1,376,762 shares of the company’s stock worth $12,212,000 after purchasing an additional 1,122,027 shares during the period. Institutional investors own 94.69% of the company’s stock.

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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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