According to a new 13G Form with the US Securities and Exchange Commission, Stephen DuBois‘s Camber Capital Management decided to increase its stake in Community Health Systems Inc (NYSE:CYH). The stake was raised to 6.25 million, which amass 5.50% of the float, from 3.45 million shares previously reported in the fund’s 13F filing for the end of the second quarter.
Community Health Systems is a company that provides a variety of professional healthcare services through the acute care facilities that it runs. Since the company is struggling to pay its large debt, recently it has announced that it will add five more of its hospitals to the dozen already for sale in order to raise the much-needed money. Over the past 12 months, the company’s stock has lost 80.91%. For the third quarter of 2016, Community Health Systems reported a loss per share of $0.35, missing the analyst estimates of earnings per share of $0.29, and revenue of $4.38 billion, topping the estimates of $4.3 billion. Recently Susquehanna has reiterated its ‘Positive’ rating on Community Health Systems’ stock, but lowered its price target to $10 from $18, while Jefferies Group reiterated its ‘Hold’ rating and also lowered its price target, but to $9 from $11.75, and Credit Suisse Group AG reiterated its ‘Neutral’ rating on it, with a price target of $7.
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Out of the 749 funds that we track, which have filed their 13Fs for the June quarter, 33 were bullish on Community Health Systems (NYSE:CYH), down by nine from the previous quarter. Some of the biggest investors in the company included David Tepper’s Appaloosa Management LP (6.27 million shares), Conan Laughlin’s North Tide Capital (4 million shares), David Einhorn’s Greenlight Capital (2.42 million shares), and Ken Griffin’s Citadel Investment Group (684,837 shares).
Among the investors who lost interest for investing further in Community Health Systems (NYSE:CYH) and cut off their positions during the June quarter were Sam Isaly’s Orbimed Advisors (sold 2.17 million shares), Jim Simons’ Renaissance Technologies (sold 1.03 million shares), and Benjamin A. Smith’s Laurion Capital Management (sold 102,700 shares).
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Camber Capital Management | 0 | 6,250,000 | 0 | 6,250,000 | Camber Capital Management LLC 5.50% | |
| Stephen DuBois Not applicable | 0 | 6,250,000 | 0 | 6,250,000 | Stephen DuBois 5.50% |
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