Community Health Systems (NYSE:CYH) Stock Gets Price Target Reduction from Truist Financial

Community Health Systems (NYSE:CYH) had its target price reduced by Truist Financial from $3.25 to $2.50 in a research note issued to investors on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other research firms have also weighed in on CYH. Wells Fargo & Company cut their target price on shares of Community Health Systems from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note on Tuesday. Royal Bank Of Canada reduced their target price on shares of Community Health Systems from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Monday, July 27th. Wall Street Zen downgraded shares of Community Health Systems from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. UBS Group lowered their price target on shares of Community Health Systems from $3.00 to $2.55 and set a “neutral” rating for the company in a report on Friday, October 30th. Finally, Barclays dropped their price objective on shares of Community Health Systems from $3.00 to $2.50 and set an “underweight” rating on the stock in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.51.

Community Health Systems Price Performance

CYH opened at $2.29 on Tuesday. The business has a fifty day moving average price of $2.81 and a 200 day moving average price of $3.02. Community Health Systems has a 12 month low of $2.04 and a 12 month high of $3.92. The stock has a market capitalization of $322.25 million, a price-to-earnings ratio of 8.79 and a beta of 1.90.

Community Health Systems (NYSE:CYH) last posted its quarterly earnings results on Wednesday, October 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.19). The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.80 billion. Community Health Systems had a net margin of 0.31% and a negative return on equity of 6.66%. Community Health Systems’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. On average, research analysts anticipate that Community Health Systems will post -1.54 earnings per share for the current year.

Insiders Place Their Bets

In other Community Health Systems news, Director William Jennings sold 40,000 shares of Community Health Systems stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $2.96, for a total transaction of $118,400.00. Following the completion of the sale, the director directly owned 38,468 shares of the company’s stock, valued at $113,865.28. The trade was a 50.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Community Health Systems during the 2nd quarter worth about $36,508,000. Bank of America Corp DE purchased a new stake in Community Health Systems during the second quarter worth approximately $5,904,000. Helix Partners Management LP acquired a new position in Community Health Systems in the second quarter valued at approximately $1,336,000. Carronade Capital Management LP boosted its holdings in Community Health Systems by 306.7% in the first quarter. Carronade Capital Management LP now owns 1,321,923 shares of the company’s stock valued at $3,886,000 after purchasing an additional 996,923 shares in the last quarter. Finally, Whitebox Advisors LLC increased its stake in Community Health Systems by 42.1% in the first quarter. Whitebox Advisors LLC now owns 3,127,884 shares of the company’s stock valued at $9,196,000 after purchasing an additional 926,364 shares during the last quarter. Hedge funds and other institutional investors own 84.99% of the company’s stock.

About Community Health Systems

Community Health Systems, Inc (NYSE: CYH) is a healthcare services company that owns, leases, and operates general acute-care hospitals and related healthcare facilities in the United States. The company focuses primarily on serving communities in small cities and non-urban markets, providing access to hospital-based and outpatient care.

Its services generally include emergency care, inpatient and outpatient treatment, surgery, diagnostic imaging, laboratory services, rehabilitation, and other clinical programs.