Tenet Healthcare (NYSE:THC) Shares Down 2.3%

Shares of Tenet Healthcare Co. (NYSE:THC) fell 2.3% on Tuesday . The stock traded as low as $160.65 and last traded at $160.81. 45,900 shares changed hands during trading, a decline of 96% from the average session volume of 1,196,241 shares. The stock had previously closed at $164.62.

Analyst Ratings Changes

THC has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. boosted their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. UBS Group lifted their target price on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Buy” and a consensus target price of $152.69.

Tenet Healthcare Trading Down 5.2 %

The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The firm’s 50 day moving average is $150.68 and its two-hundred day moving average is $128.81. The stock has a market cap of $15.25 billion, a price-to-earnings ratio of 6.01, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The firm 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%. Equities analysts anticipate that Tenet Healthcare Co. will post 10.7 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 6th. The stock was 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 owns 15,269 shares in the company, valued at $2,234,465.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,203 shares of company stock valued at $19,754,997. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

A number of large investors have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in Tenet Healthcare during the 2nd quarter valued at $357,000. Ariadne Wealth Management LP purchased a new stake in Tenet Healthcare in the 2nd quarter worth about $85,000. Cetera Investment Advisers grew its stake in Tenet Healthcare by 20.4% during the 2nd quarter. Cetera Investment Advisers now owns 20,295 shares of the company’s stock valued at $2,700,000 after acquiring an additional 3,439 shares in the last quarter. Truist Financial Corp lifted its position in shares of Tenet Healthcare by 155.2% in the second quarter. Truist Financial Corp now owns 24,175 shares of the company’s stock worth $3,216,000 after purchasing an additional 14,703 shares in the last quarter. Finally, Quarry LP grew its position in Tenet Healthcare by 37.3% during the second quarter. Quarry LP now owns 626 shares of the company’s stock valued at $83,000 after purchasing an additional 170 shares in the last quarter. 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.