CHS shares close at all-time low

Shares of Franklin, Tenn.-based Community Health Systems closed July 15 at $2.40, their lowest closing price ever and down 2 percent from July 12. 

The hospital chain's stock price traded as low as $2.37 and as high as $2.52 on July 15 after closing July 12 at $2.45. Over the past year, CHS shares have traded between $2.35 and $5.35.

CHS has been selling off hospitals in recent years to improve its financial position and reduce its heavy debt load. In late 2017, the company announced a plan to sell a group of hospitals with combined annual revenue of $2 billion. During an earnings call on April 30, CHS Chairman and CEO Wayne Smith said the company expects to complete the hospital divestiture plan in 2019.

CHS carried $13.88 billion in long-term debt when it announced its divestiture plan at the end of 2017. As of March 31, CHS said its long-term debt totaled $13.39 billion.

More articles on healthcare finance:

California hospital seeks lucrative title change after competitor closes
Phoenix Children's is at an exciting inflection point, CFO says
CMS releases Quality Payment Program results: 5 takeaways

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months