Assenagon Asset Management S.A. Cuts Stock Position in Community Health Systems, Inc. $CYH

Key Points

• Assenagon Asset Management S.A. cut its stock position in Community Health Systems, Inc. by 62.9%, owning 880,283 shares after selling 1,491,301 shares in the second quarter.
• Analysts have recently lowered their target prices for Community Health Systems, with UBS dropping it from $3.50 to $3.20 and Wells Fargo cutting it from $3.50 to $2.50, indicating a more cautious outlook.
• Community Health Systems reported earnings of (-$0.05) per share in its latest quarter, missing the consensus estimate and showing a slight 0.2% year-over-year revenue decline despite exceeding revenue expectations.

Assenagon Asset Management S.A. reduced its position in Community Health Systems, Inc. (NYSE:CYH - Free Report) by 62.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 880,283 shares of the company's stock after selling 1,491,301 shares during the quarter. Assenagon Asset Management S.A. owned 0.63% of Community Health Systems worth $2,993,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Community Health Systems by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,783 shares of the company's stock worth $215,000 after purchasing an additional 3,124 shares in the last quarter. R Squared Ltd boosted its holdings in shares of Community Health Systems by 71.6% in the 1st quarter. R Squared Ltd now owns 10,950 shares of the company's stock worth $30,000 after purchasing an additional 4,570 shares in the last quarter. Red Door Wealth Management LLC boosted its holdings in Community Health Systems by 30.4% during the 1st quarter. Red Door Wealth Management LLC now owns 30,000 shares of the company's stock valued at $81,000 after acquiring an additional 7,000 shares during the period. Hsbc Holdings PLC boosted its holdings in Community Health Systems by 9.8% during the 1st quarter. Hsbc Holdings PLC now owns 114,595 shares of the company's stock valued at $309,000 after acquiring an additional 10,184 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Community Health Systems by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 35,353 shares of the company's stock valued at $106,000 after acquiring an additional 11,632 shares during the period. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CYH. UBS Group dropped their target price on Community Health Systems from $3.50 to $3.20 and set a "neutral" rating for the company in a report on Friday, July 25th. Wells Fargo & Company dropped their target price on Community Health Systems from $3.50 to $2.50 and set an "underweight" rating for the company in a report on Thursday, August 14th. Jefferies Financial Group restated a "hold" rating and set a $3.00 target price (down from $4.25) on shares of Community Health Systems in a report on Thursday, July 24th. Royal Bank Of Canada dropped their target price on Community Health Systems from $6.00 to $5.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Finally, Barclays lowered their price target on Community Health Systems from $4.00 to $3.50 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Community Health Systems currently has an average rating of "Reduce" and a consensus target price of $3.58.

Community Health Systems Stock Performance

Shares of NYSE:CYH opened at $3.19 on Friday. Community Health Systems, Inc. has a 52-week low of $2.24 and a 52-week high of $6.27. The firm has a market capitalization of $446.98 million, a P/E ratio of -2.14 and a beta of 1.90. The stock has a 50 day moving average price of $2.86 and a 200-day moving average price of $3.06.

Community Health Systems (NYSE:CYH - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.10). The firm had revenue of $3.13 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same period in the prior year, the company earned ($0.17) earnings per share. The business's quarterly revenue was down .2% on a year-over-year basis. Community Health Systems has set its FY 2025 guidance at -0.400--0.100 EPS. On average, equities analysts forecast that Community Health Systems, Inc. will post -0.29 EPS for the current fiscal year.

About Community Health Systems

Community Health Systems, Inc owns, leases, and operates general acute care hospitals in the United States. It offers general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric, and rehabilitation services, as well as skilled nursing and home care services.

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