Tenet Healthcare (NYSE:THC) Shares Down 7.1%

Tenet Healthcare Co. (NYSE:THC) was down 7.1% during trading on Friday . The company traded as low as $150.19 and last traded at $150.56. Approximately 1,035,292 shares were traded during trading, a decline of 14% from the average daily volume of 1,203,066 shares. The stock had previously closed at $161.98.

Analyst Ratings Changes

THC has been the topic of several recent analyst reports. Raymond James boosted their price target on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a report on Monday, August 19th. StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Stock Performance

The stock’s 50-day moving average price is $147.27 and its 200 day moving average price is $125.07. 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 company has a market cap of $15.00 billion, a P/E ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted 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 business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, research analysts expect that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard W. Fisher sold 1,400 shares of Tenet Healthcare stock in a transaction on Monday, June 10th. The shares were sold at an average price of $132.24, for a total value of $185,136.00. Following the transaction, the director now directly owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The disclosure for this sale can be found here. Insiders sold a total of 118,004 shares of company stock valued at $18,060,399 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC lifted its stake in Tenet Healthcare by 5,297.5% in the fourth quarter. International Assets Investment Management LLC now owns 6,423 shares of the company’s stock valued at $485,000 after buying an additional 6,304 shares during the period. M&T Bank Corp increased its stake in shares of Tenet Healthcare by 10.8% during the 4th quarter. M&T Bank Corp now owns 4,521 shares of the company’s stock worth $342,000 after purchasing an additional 439 shares during the last quarter. National Bank of Canada FI lifted its stake in Tenet Healthcare by 267.1% in the 4th quarter. National Bank of Canada FI now owns 67,695 shares of the company’s stock valued at $5,147,000 after purchasing an additional 49,255 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Tenet Healthcare by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,043,214 shares of the company’s stock worth $78,836,000 after acquiring an additional 16,490 shares during the last quarter. Finally, Picton Mahoney Asset Management grew its stake in shares of Tenet Healthcare by 54.7% in the fourth quarter. Picton Mahoney Asset Management now owns 4,285 shares of the company’s stock valued at $324,000 after acquiring an additional 1,515 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.