Tenet Healthcare (NYSE:THC) Shares Gap Down – What’s Next?

Tenet Healthcare Co. (NYSE:THC)’s share price gapped down before the market opened on Monday . The stock had previously closed at $143.63, but opened at $139.54. Tenet Healthcare shares last traded at $141.95, with a volume of 237,150 shares traded.

Wall Street Analysts Forecast Growth

THC has been the topic of a number of analyst reports. Barclays lifted their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial reaffirmed a “buy” rating and set a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective on the stock. in a report on Friday. Finally, UBS Group lifted their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Stock Down 0.2 %

The business has a 50-day moving average price of $158.86 and a 200-day moving average price of $148.21. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $13.63 billion, a price-to-earnings ratio of 4.60, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,599 shares of company stock valued at $2,830,834. Corporate insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. lifted its stake in shares of Tenet Healthcare by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after buying an additional 74 shares during the last quarter. Optas LLC increased its stake in shares of Tenet Healthcare by 3.4% during the third quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after purchasing an additional 93 shares during the period. Signaturefd LLC lifted its holdings in Tenet Healthcare by 17.6% during the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after purchasing an additional 94 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Tenet Healthcare by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock valued at $480,000 after buying an additional 94 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Tenet Healthcare by 20.7% during the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after buying an additional 96 shares in the last quarter. 95.44% of the stock is currently 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.