Community Health Systems Inc. (CYH) Debt Trading 2% Lower
An issue of Community Health Systems Inc. (NYSE:CYH) bonds fell 2% as a percentage of their face value during trading on Tuesday. The high-yield issue of debt has a 8% coupon and is set to mature on November 15, 2019. The debt is now trading at $80.75 and was trading at $82.60 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price.
CYH has been the subject of several research reports. Morgan Stanley reaffirmed a “sell” rating and set a $15.00 price target on shares of Community Health Systems in a report on Wednesday, August 3rd. Barclays PLC cut their price target 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. cut their price target on Community Health Systems from $17.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 5th. Zacks Investment Research downgraded Community Health Systems from a “hold” rating to a “sell” rating in a report on Monday, August 8th. Finally, Leerink Swann downgraded Community Health Systems from an “outperform” rating to a “market perform” rating and cut their price target for the company from $21.00 to $13.00 in a report on Tuesday, August 9th. Nine equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $13.43.
Shares of Community Health Systems Inc. (NYSE:CYH) opened at 5.44 on Thursday. Community Health Systems Inc. has a 52 week low of $4.15 and a 52 week high of $24.91. The stock’s 50 day moving average price is $7.25 and its 200-day moving average price is $10.85. The firm’s market capitalization is $603.25 million.
In related news, major shareholder Tian Qiao Chen acquired 929,813 shares of the company’s stock in a transaction that occurred on Monday, September 26th. The shares were acquired at an average price of $10.27 per share, with a total value of $9,549,179.51. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 4.60% of the company’s stock.
Hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its stake in shares of Community Health Systems by 20.9% in the third quarter. PNC Financial Services Group Inc. now owns 8,738 shares of the company’s stock worth $101,000 after buying an additional 1,510 shares during the period. Commonwealth Bank of Australia bought a new stake in shares of Community Health Systems during the second quarter worth about $112,000. Advisors Asset Management Inc. boosted its stake in shares of Community Health Systems by 9.6% in the second quarter. Advisors Asset Management Inc. now owns 10,750 shares of the company’s stock worth $130,000 after buying an additional 939 shares during the period. Acrospire Investment Management LLC bought a new stake in shares of Community Health Systems during the second quarter worth about $131,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Community Health Systems by 282.7% in the second quarter. Tower Research Capital LLC TRC now owns 11,301 shares of the company’s stock worth $136,000 after buying an additional 8,348 shares during the period. 96.57% of the stock is currently owned by institutional investors and hedge funds.
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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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