Tenet Healthcare (NYSE:THC) Shares Down 5.2% – Here’s What Happened

Tenet Healthcare Co. (NYSE:THC)’s share price fell 5.2% during mid-day trading on Thursday . The stock traded as low as $143.52 and last traded at $143.88. 176,573 shares changed hands during trading, a decline of 85% from the average session volume of 1,211,325 shares. The stock had previously closed at $151.84.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on THC. Barclays boosted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. KeyCorp started coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Finally, Cantor Fitzgerald boosted their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $170.38.

Tenet Healthcare Trading Down 2.2 %

The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The firm’s 50-day simple moving average is $159.44 and its 200 day simple moving average is $147.72. The stock has a market capitalization of $14.12 billion, a P/E ratio of 4.87, a PEG ratio of 0.69 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.44 EPS. Equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Tenet Healthcare announced that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,599 shares of company stock worth $2,830,834 in the last 90 days. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in THC. Arete Wealth Advisors LLC bought a new stake in Tenet Healthcare in the third quarter valued at about $363,000. Coldstream Capital Management Inc. lifted its stake in Tenet Healthcare by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock valued at $566,000 after acquiring an additional 74 shares in the last quarter. Geode Capital Management LLC lifted its position in Tenet Healthcare by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock worth $339,893,000 after buying an additional 390,316 shares in the last quarter. MidWestOne Financial Group Inc. increased its position in shares of Tenet Healthcare by 6.8% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 11,078 shares of the company’s stock worth $1,841,000 after purchasing an additional 705 shares during the last quarter. Finally, Vestcor Inc lifted its stake in Tenet Healthcare by 243.3% in the third quarter. Vestcor Inc now owns 7,416 shares of the company’s stock valued at $1,233,000 after acquiring an additional 5,256 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.