Tenet Healthcare (NYSE:THC) Shares Down 3.5%

Tenet Healthcare Co. (NYSE:THC) shares dropped 3.5% during trading on Friday . The stock traded as low as $132.69 and last traded at $133.44. Approximately 295,223 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 1,201,951 shares. The stock had previously closed at $138.30.

Wall Street Analyst Weigh In

Several brokerages have weighed in on THC. JPMorgan Chase & Co. boosted their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $104.00 target price on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Truist Financial reaffirmed a “buy” rating and set a $130.00 price target (up from $120.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Finally, Royal Bank of Canada boosted their target price on Tenet Healthcare from $109.00 to $136.00 and gave the company an “outperform” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $120.71.

Tenet Healthcare Trading Down 3.8 %

The company has a quick ratio of 1.37, a current ratio of 1.44 and a debt-to-equity ratio of 2.58. The company has a market capitalization of $12.99 billion, a PE ratio of 5.17, a price-to-earnings-growth ratio of 1.40 and a beta of 2.12. The stock’s 50 day moving average is $126.28 and its two-hundred day moving average is $101.94.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. Tenet Healthcare’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. As a group, sell-side analysts predict that Tenet Healthcare Co. will post 8.55 EPS for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In related news, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Richard W. Fisher sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $123.20, for a total transaction of $308,000.00. Following the transaction, the director now owns 17,627 shares in the company, valued at $2,171,646.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,691 shares of company stock valued at $3,117,909. 0.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently made changes to their positions in THC. Rise Advisors LLC acquired a new stake in Tenet Healthcare during the 1st quarter valued at approximately $29,000. GAMMA Investing LLC purchased a new stake in Tenet Healthcare in the fourth quarter valued at $52,000. Fidelis Capital Partners LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at about $78,000. FinTrust Capital Advisors LLC boosted its stake in shares of Tenet Healthcare by 108.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock worth $68,000 after buying an additional 467 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Tenet Healthcare during the third quarter worth about $67,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.