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Healthcare Workers Strike Puts Pressure on Hospital Stocks

by Administrator Forexezy
October 5, 2023
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As 75,000 Kaiser Permanente healthcare workers continue their strike this week, hospital stocks are feeling the strain, and industry leader Tenet Healthcare Corp. could be next in line for a significant work stoppage, according to analysts.

A potential strike is looming for healthcare workers at 11 Tenet facilities, scheduled to begin on October 23. If no agreement is reached during the upcoming bargaining session on October 18 and 19, nearly 4,000 Tenet employees — who are also represented by the SEIU-United Healthcare Workers West — will walk out in solidarity with the striking Kaiser workers.

This growing labor unrest has taken a toll on hospital stocks. As of mid-afternoon Thursday, Tenet Healthcare shares were down approximately 9% for the week, while Community Health Systems Inc. shares saw a decline of about 4% and HCA Healthcare Inc.’s stock remained relatively flat.

The union’s negotiations with Tenet focus on resolving a critical healthcare-staffing crisis, advocating for a $25 minimum wage, and investing in workforce development. However, according to an SEIU-UHW spokesperson, the company seems more focused on proposing staff to work across multiple hospitals rather than addressing the staffing crisis or offering incentives to retain and support current workers.

Responding to these claims, Tenet Healthcare stated in a Thursday press release: “Our hospitals have been negotiating in good faith to secure a fair agreement that prioritizes recruitment and retention of our staff. Regrettably, SEIU-UHW appears to be more interested in promoting false narratives than reaching an agreement for its members.”

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Tenet and SEIU-UHW Lock Heads over Wages

Tenet and the Service Employees International Union-United Healthcare Workers (SEIU-UHW) are at odds over wage proposals, potentially leading to a strike. Tenet claims to have made a competitive initial wage offer that would result in significant pay increases for SEIU-represented employees, but the union has reportedly failed to make meaningful improvements on its own proposal.

While Tenet assures stakeholders of its preparedness to maintain full operations in the event of a strike, the situation could still impact the volatility of Tenet shares. However, Truist Securities analysts believe that the recent sell-off, combined with Tenet’s substantial exposure to ambulatory surgery centers and various other factors, makes the stock an attractive investment. The analysts have reaffirmed their buy rating on Tenet shares with a price target of $92.

Labor issues within the healthcare sector are gaining increased attention, highlighting the ongoing challenges posed by clinician shortages. This issue may necessitate continued reliance on contract staff. Benchmark analysts note that healthcare staffing companies like AMN Healthcare Services Inc. and Cross Country Healthcare Inc. are well-positioned to address these challenges, as evidenced by their favorable buy ratings.

Read next: 75,000 Kaiser healthcare workers are set to strike in October, accusing management of bad-faith negotiations

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Tags: Healthcare WorkersHospital StocksLabor UnrestnegotiationsStrike
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