Tenet Healthcare (NYSE:THC) Shares Down 3.5%

Tenet Healthcare Co. (NYSE:THC) dropped 3.5% on Friday . The stock traded as low as $132.69 and last traded at $133.44. Approximately 295,223 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 1,201,951 shares. The stock had previously closed at $138.30.

Wall Street Analysts Forecast Growth

THC has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $104.00 price target on shares of Tenet Healthcare in a research report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday. UBS Group lifted their price objective on shares of Tenet Healthcare from $137.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. raised their target price on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, Wolfe Research upgraded shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price on the stock in a research report on Wednesday, March 27th. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $120.71.

Tenet Healthcare Stock Performance

The company has a market cap of $12.99 billion, a PE ratio of 5.17, a PEG ratio of 1.40 and a beta of 2.12. The company has a 50-day moving average of $126.28 and a 200-day moving average of $101.94. The company has a quick ratio of 1.37, a current ratio of 1.44 and a debt-to-equity ratio of 2.58.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same period last year, the firm earned $1.42 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, analysts anticipate that Tenet Healthcare Co. will post 8.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Thomas W. Arnst sold 8,148 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Nadja West sold 1,782 shares of Tenet Healthcare stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $126.41, for a total value of $225,262.62. Following the completion of the transaction, the director now owns 29,680 shares in the company, valued at $3,751,848.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas W. Arnst sold 8,148 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,691 shares of company stock valued at $3,117,909. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Tenet Healthcare in the 4th quarter worth approximately $78,254,000. Glenview Capital Management LLC boosted its stake in Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after buying an additional 877,180 shares during the period. Price T Rowe Associates Inc. MD grew its position in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after buying an additional 790,684 shares in the last quarter. 8 Knots Management LLC bought a new stake in shares of Tenet Healthcare during the 4th quarter valued at about $44,412,000. Finally, Wedge Capital Management L L P NC increased its position in shares of Tenet Healthcare by 1,265.6% in the first quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock worth $49,208,000 after purchasing an additional 433,877 shares during the last quarter. Institutional investors 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.