Short Interest in Tenet Healthcare Co. (NYSE:THC) Drops By 19.2%

Tenet Healthcare Co. (NYSE:THC) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 2,400,000 shares, a decrease of 19.2% from the September 30th total of 2,970,000 shares. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 2.6% of the shares of the stock are sold short.

Tenet Healthcare Price Performance

THC stock opened at $139.77 on Monday. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20. The stock has a market capitalization of $13.65 billion, a PE ratio of 5.42, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. The company’s 50-day moving average is $159.85 and its 200-day moving average is $140.77. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

Tenet Healthcare announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on THC shares. Barclays raised their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Citigroup boosted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Truist Financial lifted their price target on shares of Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, UBS Group lifted their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $157.24.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. 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 corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors have recently modified their holdings of the company. SteelPeak Wealth LLC increased its position in shares of Tenet Healthcare by 53.2% during the third quarter. SteelPeak Wealth LLC now owns 3,512 shares of the company’s stock worth $584,000 after acquiring an additional 1,219 shares in the last quarter. First Trust Direct Indexing L.P. increased its holdings in Tenet Healthcare by 4.3% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 2,831 shares of the company’s stock worth $471,000 after purchasing an additional 116 shares in the last quarter. Pallas Capital Advisors LLC purchased a new stake in shares of Tenet Healthcare in the third quarter worth approximately $466,000. Nisa Investment Advisors LLC boosted its position in shares of Tenet Healthcare by 72.4% during the third quarter. Nisa Investment Advisors LLC now owns 16,090 shares of the company’s stock valued at $2,674,000 after buying an additional 6,759 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Tenet Healthcare by 4.8% during the third quarter. State of Alaska Department of Revenue now owns 11,139 shares of the company’s stock worth $1,851,000 after buying an additional 515 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

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.