Community Health Systems, Inc. (NYSE:CYH) shares traded down NaN during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.26 and last traded at $0.00. 8,538,323 shares were traded during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.47). The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.70 billion. Community Health Systems had a negative net margin of 3.97% and a negative return on equity of 3.10%. Community Health Systems’s revenue for the quarter was down 16.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.35) EPS.
A number of brokerages have recently weighed in on CYH. Zacks Investment Research downgraded Community Health Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada restated a “hold” rating and issued a $7.00 target price on shares of Community Health Systems in a research note on Friday, August 4th. Citigroup Inc cut their target price on Community Health Systems from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday. Morgan Stanley cut their target price on Community Health Systems from $6.50 to $4.50 and set an “underweight” rating on the stock in a research note on Friday. Finally, Deutsche Bank AG lowered their price target on shares of Community Health Systems from $13.00 to $8.00 and set a “hold” rating on the stock in a report on Thursday, August 3rd. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $7.10.
In other Community Health Systems news, major shareholder Tian Qiao Chen purchased 9,766,897 shares of the business’s stock in a transaction on Monday, August 14th. The stock was acquired at an average cost of $7.27 per share, for a total transaction of $71,005,341.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.70% of the company’s stock.
Large investors have recently modified their holdings of the company. Marshall Wace North America L.P. bought a new position in shares of Community Health Systems during the second quarter valued at about $2,628,000. BNP Paribas Arbitrage SA raised its stake in Community Health Systems by 101.9% in the second quarter. BNP Paribas Arbitrage SA now owns 59,039 shares of the company’s stock worth $588,000 after buying an additional 29,794 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Community Health Systems by 9.2% in the second quarter. Ameriprise Financial Inc. now owns 716,703 shares of the company’s stock worth $7,141,000 after buying an additional 60,394 shares in the last quarter. HighTower Advisors LLC bought a new position in Community Health Systems in the first quarter worth about $152,000. Finally, Alps Advisors Inc. bought a new position in Community Health Systems in the second quarter worth about $107,000. 94.53% of the stock is owned by hedge funds and other institutional investors.
The company has a quick ratio of 1.94, a current ratio of 2.05 and a debt-to-equity ratio of 10.62.
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Community Health Systems Company Profile
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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