Tenet Healthcare (NYSE:THC) Stock Price Down 3.2%

Tenet Healthcare Co. (NYSE:THC) shares fell 3.2% during mid-day trading on Thursday . The company traded as low as $162.05 and last traded at $162.41. 123,275 shares were traded during trading, a decline of 90% from the average session volume of 1,199,294 shares. The stock had previously closed at $167.70.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on THC. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Monday, August 19th. JPMorgan Chase & Co. lifted their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Truist Financial reiterated a “buy” rating and set a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. The Goldman Sachs Group lifted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, UBS Group lifted their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Price Performance

The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 6.51, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14. The company has a 50-day simple moving average of $155.16 and a two-hundred day simple moving average of $131.93. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. The firm 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, equities research analysts forecast that Tenet Healthcare Co. will post 10.72 EPS for the current year.

Tenet Healthcare declared that its board has authorized a share repurchase program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,000 shares of the business’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 transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction 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 transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors have recently made changes to their positions in THC. Mirae Asset Global Investments Co. Ltd. grew its position in Tenet Healthcare by 0.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after buying an additional 90 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in 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. Violich Capital Management Inc. grew its position in Tenet Healthcare by 3.2% during the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock worth $355,000 after buying an additional 105 shares in the last quarter. GAMMA Investing LLC grew its position in Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after buying an additional 106 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its position in Tenet Healthcare by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after buying an additional 115 shares in the last quarter. 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.