Pali Research Initiates Coverage on Health Management Associates (HMA) with a Neutral
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Pali Research initiates coverage on Health Management Associates (NYSE: HMA) with a Neutral.
Pali analyst says, "We are initiating coverage of HMA’s capital structure with a NEUTRAL rating on its Term Loan, its 6.125% Senior Notes (First Lien) due 2016 and on its common equity, with no price target. We like the operating story here as the turnaround appears to be making good progress. HMA’s CEO has been in place for a year and has quickly moved to improve operating metrics, physician and patient relationships and relationships with the Street. But, steep and accelerating declines in key cash flow metrics trouble us and suggest that HMA’s turnaround is far from complete...However, recent strength in the shares have pushed HMA’s stock to a recent 52-week high and sparked the best trader (in our view) of HMA’s shares to sell some of his stock: We’ll make no friends in Naples, but Chairman William Schoen has an outstanding track record of timing the monetization of his ownership. He bought at the low in the late 1990s on reimbursement woes (BBA ’97) and he was clearly involved with the special dividend in 2007 that crushed the balance sheet and got $60 million out of the deal. Then, earlier this month, he got an averge price of $8.33 for 200,000 shares sold upon the exercise of options with less than one year left on them. We have learned that when he sells, we don’t buy."
To see more analyst ratings on HMA Click Here.
Health Management Associates, Inc., together with its subsidiaries, primarily owns and operates general acute care hospitals in non-urban communities principally in the southeastern and southwestern United States.
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