Tenet Healthcare (NYSE:THC) Stock Price Down 7.1% Following Insider Selling

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

Specifically, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

A number of research analysts have weighed in on THC shares. JPMorgan Chase & Co. boosted their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Barclays increased their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Finally, UBS Group increased their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Stock Down 5.3 %

The firm has a 50 day moving average price of $147.68 and a 200-day moving average price of $125.75. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The firm has a market cap of $14.98 billion, a price-to-earnings ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. As a group, equities analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently modified their holdings of the business. Innealta Capital LLC acquired a new position in Tenet Healthcare in the 2nd quarter worth $28,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare during the second quarter worth about $31,000. Blue Trust Inc. raised its position in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare during the 2nd quarter worth approximately $34,000. Finally, Rise Advisors LLC bought a new position in shares of Tenet Healthcare during the 1st quarter worth approximately $29,000. 95.44% of the stock is currently owned by institutional investors.

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.