Principal Financial Group Inc. Cuts Stock Holdings in Community Health Systems, Inc. (NYSE:CYH)

Principal Financial Group Inc. lowered its stake in Community Health Systems, Inc. (NYSE:CYH) by 29.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 10,476 shares of the company’s stock after selling 4,358 shares during the period. Principal Financial Group Inc.’s holdings in Community Health Systems were worth $64,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new stake in shares of Community Health Systems in the 2nd quarter worth approximately $5,121,000. Bank of Montreal Can bought a new stake in Community Health Systems in the second quarter valued at $3,692,000. Whitebox Advisors LLC increased its position in Community Health Systems by 43.3% during the 2nd quarter. Whitebox Advisors LLC now owns 3,020,933 shares of the company’s stock valued at $10,150,000 after purchasing an additional 913,542 shares during the period. Marshall Wace LLP raised its holdings in Community Health Systems by 51.0% in the 2nd quarter. Marshall Wace LLP now owns 942,303 shares of the company’s stock worth $3,166,000 after purchasing an additional 318,333 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Community Health Systems by 111.8% during the 2nd quarter. Renaissance Technologies LLC now owns 537,093 shares of the company’s stock valued at $1,805,000 after purchasing an additional 283,500 shares in the last quarter. Institutional investors own 84.99% of the company’s stock.

Community Health Systems Stock Down 3.8 %

CYH opened at $3.56 on Wednesday. Community Health Systems, Inc. has a twelve month low of $2.31 and a twelve month high of $6.29. The stock has a market capitalization of $494.66 million, a price-to-earnings ratio of -1.18 and a beta of 1.60. The firm has a 50 day moving average price of $4.98 and a 200-day moving average price of $4.51.

Community Health Systems (NYSE:CYH) last released its quarterly earnings results on Wednesday, October 23rd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.14). The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.08 billion. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.33) earnings per share. As a group, analysts expect that Community Health Systems, Inc. will post -0.52 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on CYH shares. Raymond James downgraded Community Health Systems from a “market perform” rating to an “underperform” rating in a report on Friday, November 22nd. Barclays increased their price objective on Community Health Systems from $3.00 to $5.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Truist Financial dropped their target price on shares of Community Health Systems from $5.50 to $5.00 and set a “hold” rating on the stock in a report on Friday, October 25th. Wells Fargo & Company lowered shares of Community Health Systems from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $5.00 to $2.50 in a research note on Monday. Finally, UBS Group boosted their price objective on shares of Community Health Systems from $4.70 to $5.10 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.77.

Community Health Systems Company Profile

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.