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KND

Kindred Healthcare

$7.45

0.1 (1.36%)

16:38
12/01/17
12/01
16:38
12/01/17
16:38

Kindred Healthcare provides update on skilled nursing facility divestiture

Kindred Healthcare announced that it has completed additional transaction closings related to its previously announced agreement with BM Eagle Holdings, a joint venture led by affiliates of BlueMountain Capital Management, to sell the company's skilled nursing facility business. Since October 1, 2017, the Closings included 12 skilled nursing facilities and one assisted living facility. Sale proceeds from the Closings aggregated approximately $31M. To date, the company has completed the sale of 80 skilled nursing facilities and five assisted living facilities for aggregate proceeds of approximately $658M. Kindred also announced that it has reached an agreement with BlueMountain and the relevant landlord to close five leased facilities in Massachusetts. None of the original purchase price with BlueMountain was allocated to these five facilities. The Company has transferred the day-to-day operations of these facilities to a third party and expects the closing of these facilities will be completed in the second quarter of 2018. In addition to these five facilities, the company continues to make progress on the sale of its remaining five skilled nursing facilities and one assisted living facility. Certain of these remaining six facilities are likely to be sold outside of the definitive agreement with BlueMountain, because in some cases other parties have exercised rights of first refusal or similar rights to purchase. Kindred expects approximately $27M of additional net proceeds from the sales of the remaining facilities. The completion of the remainder of the sales are subject to final documentation and customary conditions to closing, including the receipt of all licensure, regulatory and other approvals. Kindred expects that the remainder of the closings will occur as regulatory and other approvals are received over the remainder of 2017 and through the first half of 2018. In addition, the company has for sale a parcel of real property and various certificates of need related to its skilled nursing facility business that it estimates will generate additional proceeds ranging from $7M-$10M. Benjamin Breier, President and CEO of Kindred, commented, "We have substantially completed the divestiture of our skilled nursing facility business and continue to make steady progress on the sale of a few remaining facilities. We continue to believe that the sale of our skilled nursing facility business will significantly enhance shareholder value, enable us to sharpen our focus on higher margin and faster growing businesses, and further advance our efforts to transform Kindred."

KND Kindred Healthcare
$7.45

0.1 (1.36%)

07/26/17
STFL
07/26/17
NO CHANGE
STFL
CMS proposal negative for home health providers, says Stifel
Stifel analyst Chad Vanacore says that CMS proposed a 0.4% cut reduction in Medicare payments to home health agencies in 2018 and "potential deep cuts" in 2019. He views this development as negative for companies in the sector, "especially Kindred Healthcare (KND)." The analyst identifies Ensign Group (ENSG) and Brookdale Senior Living (BKD) as other affected companies in the sector. He keeps a Sell rating on Kindred, a Hold rating on Ensign ,and a Buy rating on Brookdale.
07/26/17
MZHO
07/26/17
DOWNGRADE
MZHO
Neutral
Amedisys downgraded on 'massive' CMS reimbursement cut plan at Mizuho
As previously reported, Mizuho analyst Sheryl Skolnick downgraded Amedisys (AMED) to Neutral from Buy after the Centers for Medicare & Medicaid Services issued a proposed rule that would update the 2018 Medicare payment rates and the wage index for home health agencies, which she called a "body blow" that represents a significant headwind for the industry. The proposed new system not only would cut industry payments by $950M in 2019, but would also make LUPA reimbursement worse, she told investors. Skolnick lowered her price target for Amedisys to $50 from $65, cut her price target for HealthSouth (HLS) to $45 from $47 and trimmed her price target on Kindred Healthcare (KND) to $8 from $9.
11/16/17
JPMS
11/16/17
NO CHANGE
JPMS
Neutral
Almost Family acquired for 16% premium, says JPMorgan
JPMorgan analyst Gary Taylor says Almost Family's (AFAM) merger of equals with LHC Group (LHCG) amounts to a takeover at a 16% premium, based on LHC's closing price yesterday. Regarding antitrust, the analyst notes that while the deal would propel the third and fourth largest players in the home-health industry to a number two position behind Kindred Healthcare (KND), the industry is "tremendously fragmented." Further, Taylor believes the merger agreement contains "onerous divestiture language." The analyst has a Neutral rating on Almost Family with a $59 price target.
11/20/17
STFL
11/20/17
UPGRADE
Target $7
STFL
Hold
Kindred Healthcare upgraded to Hold from Sell at Stifel
Stifel analyst Chad Vanacore upgraded Kindred Healthcare to Hold from Sell, stating that he expects the share price and earnings to remain volatile but much of the downside has been captured. The company's margins should be aided by the exit of its skilled nursing business, but Vanacore thinks additional significant cost savings will be needed to reach management's targets, he tells investors. He maintains a $7 price target on Kindred Healthcare shares.

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