Tenet Healthcare (NYSE:THC) Stock Price Down 3.2%

Tenet Healthcare Co. (NYSE:THC) shares traded down 3.2% on Thursday . The company traded as low as $162.05 and last traded at $162.41. 123,275 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,199,294 shares. The stock had previously closed at $167.70.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Truist Financial restated a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Raymond James increased their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Finally, Wells Fargo & Company increased their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $152.69.

Tenet Healthcare Stock Performance

The stock has a market capitalization of $15.74 billion, a P/E ratio of 6.51, a PEG ratio of 0.86 and a beta of 2.14. The firm has a 50-day moving average of $155.16 and a 200 day moving average of $131.93. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Research analysts anticipate that Tenet Healthcare Co. will post 10.72 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s 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 sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 over the last three months. 0.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in Tenet Healthcare in the second quarter worth about $28,000. Rise Advisors LLC acquired a new stake in Tenet Healthcare in the first quarter worth about $29,000. ORG Partners LLC acquired a new stake in Tenet Healthcare in the second quarter worth about $31,000. Blue Trust Inc. boosted its holdings in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare during the second quarter worth about $34,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.