Insider Selling: Tenet Healthcare Co. (NYSE:THC) Director Sells 9,525 Shares of Stock

Tenet Healthcare Co. (NYSE:THC) Director J Robert Kerrey sold 9,525 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at $3,434,022.54. This represents a 25.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Tenet Healthcare Stock Performance

Shares of THC stock traded down $5.31 during trading hours on Wednesday, reaching $121.11. The company had a trading volume of 1,822,866 shares, compared to its average volume of 1,431,718. The firm has a market cap of $11.52 billion, a PE ratio of 3.76, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06. The business has a fifty day moving average price of $132.68 and a 200-day moving average price of $145.38. Tenet Healthcare Co. has a one year low of $90.03 and a one year high of $171.20. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Sell-side analysts predict that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $175.00 price target on shares of Tenet Healthcare in a research note on Tuesday, December 17th. Barclays decreased their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. KeyCorp cut their price objective on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Truist Financial cut their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Wells Fargo & Company downgraded Tenet Healthcare from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare has an average rating of “Moderate Buy” and a consensus target price of $163.88.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of THC. Coldstream Capital Management Inc. lifted its stake in shares of Tenet Healthcare by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after purchasing an additional 74 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Tenet Healthcare by 9.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company’s stock valued at $119,000 after buying an additional 80 shares during the last quarter. GeoWealth Management LLC boosted its stake in shares of Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock worth $37,000 after acquiring an additional 84 shares during the last quarter. Spire Wealth Management grew its position in shares of Tenet Healthcare by 19.5% during the 4th quarter. Spire Wealth Management now owns 558 shares of the company’s stock valued at $70,000 after acquiring an additional 91 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Tenet Healthcare by 1.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company’s stock worth $732,000 after purchasing an additional 92 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.