Tenet Healthcare (NYSE:THC) Stock Price Down 5.7%

Tenet Healthcare Co. (NYSE:THC)’s stock price dropped 5.7% on Thursday . The company traded as low as $90.54 and last traded at $90.55. Approximately 352,631 shares changed hands during trading, a decline of 68% from the average daily volume of 1,103,420 shares. The stock had previously closed at $96.00.

Analyst Ratings Changes

THC has been the topic of several research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $104.00 price objective on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Barclays started coverage on shares of Tenet Healthcare in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 target price for the company. Truist Financial lifted their target price on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Wolfe Research upgraded shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target on the stock in a research report on Wednesday, March 27th. Finally, Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, February 9th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Buy” and an average price target of $100.38.

Tenet Healthcare Price Performance

The business’s 50 day simple moving average is $97.33 and its 200-day simple moving average is $78.92. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 3.15 and a beta of 2.08.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $1.10. The firm had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.96 EPS. On average, research analysts forecast that Tenet Healthcare Co. will post 6.3 earnings per share for the current year.

Insider Activity

In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the completion of the sale, the executive vice president now owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Paola M. Arbour sold 18,168 shares of Tenet Healthcare stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the completion of the sale, the executive vice president now owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The disclosure for this sale can be found here. Insiders have sold a total of 51,268 shares of company stock worth $4,944,810 over the last ninety days. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently bought and sold shares of THC. US Bancorp DE grew its stake in shares of Tenet Healthcare by 14.6% during the 1st quarter. US Bancorp DE now owns 1,428 shares of the company’s stock valued at $123,000 after purchasing an additional 182 shares during the period. HighTower Advisors LLC bought a new position in shares of Tenet Healthcare during the 1st quarter valued at approximately $219,000. Natixis Advisors L.P. purchased a new position in Tenet Healthcare in the 1st quarter worth approximately $1,651,000. APG Asset Management N.V. purchased a new position in Tenet Healthcare in the 1st quarter worth approximately $1,769,000. Finally, Great West Life Assurance Co. Can lifted its holdings in Tenet Healthcare by 13.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 63,273 shares of the company’s stock worth $5,604,000 after purchasing an additional 7,365 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Company Profile

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.