Tenet Healthcare (NYSE:THC) Shares Down 6.8% Following Insider Selling

Tenet Healthcare Co. (NYSE:THC)’s share price traded down 6.8% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $159.63 and last traded at $159.73. 230,914 shares were traded during mid-day trading, a decline of 85% from the average session volume of 1,510,992 shares. The stock had previously closed at $171.46.

Specifically, EVP Paola M. Arbour sold 7,738 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the completion of the sale, the executive vice president now owns 20,110 shares of the company’s stock, valued at approximately $3,479,030. This represents a 27.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 836 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total transaction of $144,761.76. Following the sale, the director now directly owns 11,292 shares of the company’s stock, valued at approximately $1,955,322.72. This trade represents a 6.89% decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several brokerages have issued reports on THC. Barclays upped their price target on shares of Tenet Healthcare from $171.00 to $215.00 and gave the company an “overweight” rating in a research report on Monday, June 2nd. Robert W. Baird restated a “neutral” rating and issued a $137.00 price target (down from $153.00) on shares of Tenet Healthcare in a research report on Tuesday, April 15th. Bank of America increased their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, May 14th. Guggenheim assumed coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They set a “buy” rating and a $165.00 target price on the stock. Finally, Truist Financial increased their target price on shares of Tenet Healthcare from $175.00 to $190.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $182.24.

Tenet Healthcare Trading Down 6.0%

The firm has a market capitalization of $14.51 billion, a P/E ratio of 4.85, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The firm’s 50-day simple moving average is $145.47 and its 200-day simple moving average is $137.20.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Tenet Healthcare’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the business posted $3.22 earnings per share. Analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Institutional Trading of Tenet Healthcare

A number of institutional investors have recently modified their holdings of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Tenet Healthcare during the 4th quarter valued at $5,892,000. Asset Management One Co. Ltd. increased its stake in shares of Tenet Healthcare by 541.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company’s stock worth $1,213,000 after acquiring an additional 8,000 shares in the last quarter. Truist Financial Corp grew its stake in shares of Tenet Healthcare by 1.6% in the fourth quarter. Truist Financial Corp now owns 12,407 shares of the company’s stock worth $1,566,000 after acquiring an additional 198 shares during the last quarter. Alberta Investment Management Corp grew its position in Tenet Healthcare by 212.5% during the 4th quarter. Alberta Investment Management Corp now owns 25,000 shares of the company’s stock valued at $3,156,000 after purchasing an additional 17,000 shares during the last quarter. Finally, Empirical Finance LLC grew its position in Tenet Healthcare by 69.0% during the 4th quarter. Empirical Finance LLC now owns 8,360 shares of the company’s stock valued at $1,055,000 after purchasing an additional 3,414 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other 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.