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COMMUNITY HEALTH SYSTEMS, INC.

(CYH)
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U.S. healthcare shares climb as investors see upside from Republican tax bill

11/29/2017 | 04:52pm EDT
FILE PHOTO - Traders work on the floor of the NYSE in New York

NEW YORK (Reuters) - Shares of U.S. healthcare companies mostly climbed on Wednesday, as investors saw some potential upside for the stocks from a Republican-led bill to cut taxes.

Hospitals were among the biggest gainers on the day, with Community Health Systems (>> Community Health Systems) up 6.2 percent and shares of Tenet Healthcare (>> Tenet Healthcare Corp) up 5.2 percent.

"We see tax reform as providing a durable benefit to healthcare services companies," Bernstein analysts wrote in a research note. "Healthcare services companies generally pay the full 35 percent corporate tax, as domestic companies with limited adjustments."

Possible changes to the Affordable Care Act and fees paid by health insurers could also benefit healthcare companies, they said.

"These changes are more likely to be included in the debt ceiling or budget legislation, but could be included in tax reform," the Bernstein analysts wrote.

Congressional Republicans were aiming to reformulate the tax-cut package to satisfy lawmakers worried about how much it would expand the federal deficit, with the measure moving toward a U.S. Senate floor vote later this week.

Shares of health insurers also rose, with UnitedHealth (>> UnitedHealth Group) hitting a record high at $224.27 after its investor day this week.

The stock ended up 3.1 percent at $222.88.

"It was a very positive event by all accounts," said Sheryl Skolnick, director of research at Mizuho Securities in New York. "So that sort of settled people into a more optimistic mode."

UnitedHealth gave the biggest boost the S&P healthcare index <.SPXHC>, which gained 0.5 percent.

But she also said there was less reason for hospital stocks to be gaining. The tax bill is seen helping some of the hospital companies, but not those that are heavily leveraged.

"They tend to perform better in November and December. They've underperformed for the year so maybe people are thinking they will do better toward year-end, but fundamentally nothing's changed."

(Reporting by Caroline Valetkevitch, editing by G Crosse)

By Caroline Valetkevitch


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 0.00% 1.075 End-of-day quote.-31.09%
COMMUNITY HEALTH SYSTEMS, INC. -2.17% 14.4 Delayed Quote.98.12%
JUST GROUP PLC 1.66% 98.2 Delayed Quote.40.49%
ONE STOP SYSTEMS, INC. -1.34% 5.14 Delayed Quote.28.50%
TENET HEALTHCARE CORPORATION 0.06% 71.71 Delayed Quote.79.59%
UNITEDHEALTH GROUP 0.38% 415.1 Delayed Quote.17.93%
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Financials (USD)
Sales 2021 12 118 M - -
Net income 2021 -9,83 M - -
Net Debt 2021 10 925 M - -
P/E ratio 2021 -192x
Yield 2021 -
Capitalization 1 830 M 1 830 M -
EV / Sales 2021 1,05x
EV / Sales 2022 1,04x
Nbr of Employees 62 500
Free-Float 92,3%
Chart COMMUNITY HEALTH SYSTEMS, INC.
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Community Health Systems, Inc. Technical Analysis Chart | CYH | US2036681086 | MarketScreener
Technical analysis trends COMMUNITY HEALTH SYSTEMS, INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 14,40 $
Average target price 13,63 $
Spread / Average Target -5,38%
EPS Revisions
Managers and Directors
Tim L. Hingtgen Director, Chief Executive & Operating Officer
Kevin J. Hammons President & Chief Financial Officer
Wayne T. Smith Executive Chairman
Lynn T. Simon Chief Medical Officer
Manish H. Shah Chief Information Officer & Senior Vice President