Community Health Systems Inc. (CYH) Bond Prices Fall 7.9% Analyst
An issue of Community Health Systems Inc. (NYSE:CYH) bonds fell 7.9% as a percentage of their face value during trading on Wednesday after Zacks Investment Research downgraded the stock from a hold rating to a strong sell rating. The high-yield debt issue has a 8% coupon and is set to mature on November 15, 2019. The bonds in the issue are now trading at $79.75 and were trading at $85.75 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of other equities research analysts also recently weighed in on CYH. Credit Suisse Group AG initiated coverage on Community Health Systems in a report on Friday, July 29th. They set a “neutral” rating and a $14.00 target price for the company. Morgan Stanley reissued a “sell” rating and set a $15.00 target price on shares of Community Health Systems in a report on Wednesday, August 3rd. Barclays PLC dropped their target price on Community Health Systems from $17.00 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, August 4th. Citigroup Inc. dropped their price target on Community Health Systems from $17.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 5th. Finally, Leerink Swann downgraded Community Health Systems from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $21.00 to $13.00 in a research note on Tuesday, August 9th. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $13.81.
In other Community Health Systems news, major shareholder Tian Qiao Chen purchased 929,813 shares of the business’s stock in a transaction on Monday, September 26th. The shares were purchased at an average cost of $10.27 per share, for a total transaction of $9,549,179.51. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Cadian Capital Management LP purchased a new position in shares of Community Health Systems during the third quarter worth $4,616,000. Morgan Stanley raised its position in shares of Community Health Systems by 40.8% in the third quarter. Morgan Stanley now owns 389,421 shares of the company’s stock worth $4,493,000 after buying an additional 112,844 shares during the last quarter. Acrospire Investment Management LLC raised its position in shares of Community Health Systems by 4.6% in the third quarter. Acrospire Investment Management LLC now owns 11,406 shares of the company’s stock worth $132,000 after buying an additional 500 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Community Health Systems by 8.8% in the third quarter. Principal Financial Group Inc. now owns 463,388 shares of the company’s stock worth $5,348,000 after buying an additional 37,365 shares during the last quarter. Finally, Howard Hughes Medical Institute raised its position in shares of Community Health Systems by 84.8% in the third quarter. Howard Hughes Medical Institute now owns 14,943 shares of the company’s stock worth $172,000 after buying an additional 6,855 shares during the last quarter. 96.57% of the stock is currently owned by institutional investors.
The stock’s market cap is $548.91 million. The firm has a 50-day moving average price of $8.98 and a 200 day moving average price of $11.81.
Community Health Systems Company Profile
Community Health Systems, Inc is an operator of general acute care hospitals in communities. The Company provides healthcare services through the hospitals that it owns and operates and affiliated businesses in non-urban and selected urban markets throughout the United States. The Company operates through two segments: hospital operations and home care agencies operations.
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