Tenet Healthcare (NYSE:THC) Shares Gap Down to $97.51

Tenet Healthcare Co. (NYSE:THC) shares gapped down prior to trading on Friday . The stock had previously closed at $97.51, but opened at $95.00. Tenet Healthcare shares last traded at $93.46, with a volume of 237,152 shares changing hands.

Analyst Ratings Changes

THC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Wells Fargo & Company upped their target price on Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. TheStreet upgraded Tenet Healthcare from a “c+” rating to a “b-” rating in a research report on Tuesday, February 6th. Mizuho upped their target price on Tenet Healthcare from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, Royal Bank of Canada upped their target price on Tenet Healthcare from $97.00 to $109.00 and gave the company an “outperform” rating in a research report on Friday, February 9th. One equities research analyst has 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 MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $100.38.

Tenet Healthcare Trading Down 1.4 %

The firm has a 50-day moving average of $98.22 and a two-hundred day moving average of $80.54. The company has a current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. The firm has a market capitalization of $9.54 billion, a P/E ratio of 16.84, a P/E/G ratio of 3.12 and a beta of 2.08.

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

Insider Activity

In other news, EVP Paola M. Arbour sold 18,168 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Paola M. Arbour sold 18,168 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the sale, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,268 shares of company stock valued at $4,944,810. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently added to or reduced their stakes in the business. Simplicity Wealth LLC acquired a new stake in Tenet Healthcare during the first quarter worth approximately $10,556,000. Assenagon Asset Management S.A. boosted its holdings in Tenet Healthcare by 29.1% in the first quarter. Assenagon Asset Management S.A. now owns 319,795 shares of the company’s stock worth $33,614,000 after acquiring an additional 72,146 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in Tenet Healthcare by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 29,200 shares of the company’s stock worth $3,069,000 after acquiring an additional 700 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in Tenet Healthcare by 1,265.6% in the first quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock worth $49,208,000 after acquiring an additional 433,877 shares in the last quarter. Finally, First Trust Direct Indexing L.P. bought a new position in Tenet Healthcare in the first quarter worth approximately $254,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.