Tenet Healthcare (THC) Shares Down 6.6%

Shares of Tenet Healthcare Corp (NYSE:THC) dropped 6.6% during trading on Thursday . The company traded as low as $21.05 and last traded at $21.34. Approximately 73,696 shares traded hands during trading, a decline of 96% from the average daily volume of 1,797,256 shares. The stock had previously closed at $22.86.

THC has been the subject of a number of recent research reports. Mizuho reiterated a “buy” rating and set a $28.00 price objective on shares of Tenet Healthcare in a research report on Monday, January 28th. Raymond James lifted their price objective on Tenet Healthcare from $37.00 to $47.00 in a research report on Wednesday, February 27th. Citigroup lifted their price objective on Tenet Healthcare from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, February 27th. Bank of America reiterated a “neutral” rating and set a $30.00 price objective (up previously from $21.00) on shares of Tenet Healthcare in a research report on Tuesday, February 26th. Finally, TheStreet cut Tenet Healthcare from a “c” rating to a “d+” rating in a research report on Monday, May 13th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $30.07.

The stock has a market capitalization of $2.31 billion, a P/E ratio of 11.47, a PEG ratio of 0.42 and a beta of 1.68. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 21.98.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.25. The firm had revenue of $4.55 billion during the quarter, compared to analysts’ expectations of $4.51 billion. Tenet Healthcare had a positive return on equity of 29.29% and a negative net margin of 0.04%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. As a group, analysts expect that Tenet Healthcare Corp will post 2.32 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of THC. Norges Bank purchased a new stake in Tenet Healthcare in the 4th quarter valued at about $23,500,000. FMR LLC grew its holdings in Tenet Healthcare by 64.3% in the 4th quarter. FMR LLC now owns 1,569,517 shares of the company’s stock valued at $26,902,000 after buying an additional 614,397 shares during the period. Orbimed Advisors LLC purchased a new stake in Tenet Healthcare in the 4th quarter valued at about $9,646,000. Oregon Public Employees Retirement Fund grew its holdings in Tenet Healthcare by 1,653.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 565,569 shares of the company’s stock valued at $33,000 after buying an additional 533,313 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in Tenet Healthcare by 72.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,074,895 shares of the company’s stock valued at $30,997,000 after buying an additional 452,346 shares during the period.

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Tenet Healthcare Company Profile (NYSE:THC)

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

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