Tenet Healthcare (NYSE:THC) Shares Gap Down to $97.51

Shares of Tenet Healthcare Co. (NYSE:THC) gapped down before the market opened on Friday . The stock had previously closed at $97.51, but opened at $95.00. Tenet Healthcare shares last traded at $93.46, with a volume of 237,152 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Barclays assumed coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 price target for the company. Truist Financial lifted their price target on shares of Tenet Healthcare from $92.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Wolfe Research upgraded Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price for the company in a report on Wednesday, March 27th. Royal Bank of Canada boosted their target price on Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Finally, Mizuho lifted their price objective on shares of Tenet Healthcare from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, February 9th. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $100.38.

Tenet Healthcare Stock Down 1.4 %

The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 3.15 and a beta of 2.08. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The firm has a 50 day moving average price of $98.11 and a two-hundred day moving average price of $80.17.

Tenet Healthcare (NYSE:THC) last released its earnings results on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating the consensus estimate of $1.58 by $1.10. The company had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.96 EPS. As a group, sell-side analysts expect that Tenet Healthcare Co. will post 6.3 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the transaction, the director now owns 33,303 shares in the company, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the sale, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Paola M. Arbour sold 18,168 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the completion of the transaction, the executive vice president now directly owns 29,803 shares in the company, valued at approximately $2,889,698.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,268 shares of company stock worth $4,944,810. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB raised its stake in Tenet Healthcare by 324.3% during the 4th quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock valued at $3,030,000 after acquiring an additional 30,623 shares in the last quarter. First Eagle Investment Management LLC grew its position in Tenet Healthcare by 37.3% in the 3rd quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company’s stock valued at $11,623,000 after buying an additional 47,952 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of Tenet Healthcare by 6.0% during the 4th quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock worth $6,889,000 after buying an additional 5,198 shares in the last quarter. Simplicity Solutions LLC acquired a new position in shares of Tenet Healthcare during the third quarter valued at approximately $5,664,000. Finally, Vanguard Group Inc. increased its position in shares of Tenet Healthcare by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock valued at $720,671,000 after purchasing an additional 63,253 shares during the period. 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.