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

Tenet Healthcare Co. (NYSE:THC)’s share price gapped down prior to trading on Friday . The stock had previously closed at $151.09, but opened at $138.88. Tenet Healthcare shares last traded at $141.54, with a volume of 405,968 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group boosted their target price on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lifted their price target on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Raymond James upped their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Finally, Truist Financial upped their price target on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 14th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $157.24.

Tenet Healthcare Stock Down 5.0 %

The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company has a market cap of $13.76 billion, a price-to-earnings ratio of 5.15, a P/E/G ratio of 0.80 and a beta of 2.14. The stock’s 50-day moving average is $160.19 and its 200-day moving average is $139.96.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, analysts anticipate that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 over the last ninety days. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after buying an additional 90 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after acquiring an additional 94 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Tenet Healthcare by 20.7% during the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after purchasing an additional 96 shares in the last quarter. Violich Capital Management Inc. increased its position in shares of Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock worth $355,000 after purchasing an additional 105 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in Tenet Healthcare by 5.1% during the third quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock valued at $370,000 after purchasing an additional 109 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

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.