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

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

Wall Street Analysts Forecast Growth

THC has been the topic of a number of analyst reports. Mizuho upped their target price on shares of Tenet Healthcare from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Wolfe Research raised Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target on the stock in a research note on Wednesday, March 27th. Royal Bank of Canada increased their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Truist Financial upped 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. Finally, Wells Fargo & Company boosted their price target on shares of Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $100.38.

Tenet Healthcare Price Performance

The stock has a market capitalization of $9.25 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 2.92 and a beta of 2.08. The company has a debt-to-equity ratio of 4.77, a quick ratio of 1.42 and a current ratio of 1.51. The stock has a 50-day simple moving average of $97.47 and a 200 day simple moving average of $79.19.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Thursday, February 8th. The company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 26.34% and a net margin of 2.97%. The company’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the company earned $1.96 earnings per share. On average, equities analysts forecast that Tenet Healthcare Co. will post 6.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the transaction, the director now directly owns 33,303 shares in the company, valued at approximately $3,296,330.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now owns 33,303 shares in the company, valued at $3,296,330.94. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Paola M. Arbour sold 18,168 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were 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 directly owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,268 shares of company stock valued at $4,944,810. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Tenet Healthcare

Several hedge funds have recently added to or reduced their stakes in THC. Nordea Investment Management AB raised its position in shares of Tenet Healthcare by 324.3% during the fourth quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after purchasing an additional 30,623 shares during the period. First Eagle Investment Management LLC lifted its stake in Tenet Healthcare by 37.3% in the third quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company’s stock valued at $11,623,000 after buying an additional 47,952 shares in the last quarter. Simplicity Solutions LLC bought a new stake in shares of Tenet Healthcare during the third quarter worth $5,664,000. Bleakley Financial Group LLC raised its holdings in shares of Tenet Healthcare by 6.0% during the fourth quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock worth $6,889,000 after acquiring an additional 5,198 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Tenet Healthcare by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock worth $720,671,000 after purchasing an additional 63,253 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.