Tenet Healthcare (NYSE:THC) Stock Price Down 6.8% on Insider Selling

Tenet Healthcare Co. (NYSE:THC) traded down 6.8% on Monday after an insider sold shares in the company. The company traded as low as $159.63 and last traded at $159.73. 230,914 shares changed hands during 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 Tenet Healthcare stock in a transaction 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 sale, the executive vice president now directly owns 20,110 shares in the company, valued at $3,479,030. This trade represents a 27.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 836 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 11,292 shares in the company, valued at $1,955,322.72. The trade was a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research firms have commented on THC. The Goldman Sachs Group lifted their price objective on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Morgan Stanley lifted their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday. Guggenheim started coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They issued a “buy” rating and a $165.00 price objective on the stock. Wall Street Zen downgraded shares of Tenet Healthcare from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Stephens raised shares of Tenet Healthcare to a “strong-buy” rating in a report on Monday, June 2nd. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $182.24.

Tenet Healthcare Stock Down 3.0%

The company has a market cap of $15.44 billion, a PE ratio of 5.16, a P/E/G 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 fifty day simple moving average is $145.01 and its 200-day simple moving average is $137.07.

Tenet Healthcare (NYSE:THC) last announced its quarterly 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. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The company had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the firm earned $3.22 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenet Healthcare

A number of large investors have recently added to or reduced their stakes in THC. State of Alaska Department of Revenue grew its holdings in Tenet Healthcare by 96.1% during the 4th quarter. State of Alaska Department of Revenue now owns 21,849 shares of the company’s stock valued at $2,757,000 after purchasing an additional 10,710 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in Tenet Healthcare by 1,352.8% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company’s stock valued at $66,000 after purchasing an additional 487 shares in the last quarter. Empirical Finance LLC grew its holdings 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 in the last quarter. Savant Capital LLC grew its holdings in Tenet Healthcare by 10.4% during the 4th quarter. Savant Capital LLC now owns 7,439 shares of the company’s stock valued at $939,000 after purchasing an additional 699 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Tenet Healthcare during the 4th quarter valued at $5,892,000. 95.44% of the stock is owned by institutional investors and hedge funds.

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.