Tenet Healthcare Co. (NYSE:THC) Short Interest Update

Tenet Healthcare Co. (NYSE:THC) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 3,260,000 shares, a decline of 23.3% from the March 15th total of 4,250,000 shares. Based on an average trading volume of 982,700 shares, the short-interest ratio is presently 3.3 days.

In other news, CFO Daniel J. Cancelmi sold 70,700 shares of Tenet Healthcare stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $56.80, for a total transaction of $4,015,760.00. Following the completion of the sale, the chief financial officer now directly owns 399,500 shares in the company, valued at $22,691,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Glenview Capital Management, L sold 2,500,000 shares of Tenet Healthcare stock in a transaction dated Monday, March 22nd. The stock was sold at an average price of $53.30, for a total transaction of $133,250,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,714,302 shares of company stock valued at $145,205,515. 1.70% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in THC. Eudaimonia Partners LLC bought a new position in shares of Tenet Healthcare during the third quarter worth about $25,000. Carolina Wealth Advisors LLC bought a new position in shares of Tenet Healthcare during the first quarter worth about $62,000. Sowell Financial Services LLC bought a new position in shares of Tenet Healthcare during the fourth quarter worth about $80,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Tenet Healthcare during the fourth quarter worth about $120,000. Finally, Convergence Investment Partners LLC bought a new position in Tenet Healthcare in the 4th quarter valued at about $227,000. Institutional investors and hedge funds own 93.13% of the company’s stock.

THC stock traded up $1.23 during trading on Friday, hitting $54.42. 793,298 shares of the company’s stock traded hands, compared to its average volume of 996,198. The company has a quick ratio of 1.28, a current ratio of 1.34 and a debt-to-equity ratio of 29.81. Tenet Healthcare has a 52 week low of $15.19 and a 52 week high of $57.88. The stock has a fifty day moving average price of $52.93 and a two-hundred day moving average price of $41.81. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of -418.62, a price-to-earnings-growth ratio of 8.49 and a beta of 2.66.

Tenet Healthcare (NYSE:THC) last released its earnings results on Monday, February 8th. The company reported $4.72 earnings per share for the quarter, beating the consensus estimate of $1.10 by $3.62. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.89 billion. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.99 earnings per share. As a group, equities research analysts expect that Tenet Healthcare will post 4.27 EPS for the current fiscal year.

A number of research firms recently issued reports on THC. UBS Group boosted their target price on shares of Tenet Healthcare from $37.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 21st. Jefferies Financial Group upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $60.00 in a research note on Friday, January 8th. Credit Suisse Group boosted their price objective on shares of Tenet Healthcare from $52.00 to $58.00 and gave the stock an “outperform” rating in a research note on Thursday, February 11th. Bank of America raised shares of Tenet Healthcare from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $45.00 to $50.00 in a research report on Tuesday, January 5th. Finally, Raymond James boosted their target price on shares of Tenet Healthcare from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, January 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $44.89.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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