Tenet Healthcare (NYSE:THC) Shares Gap Down – Here’s Why

Tenet Healthcare Co. (NYSE:THC) shares gapped down before the market opened on Monday . The stock had previously closed at $143.63, but opened at $139.54. Tenet Healthcare shares last traded at $141.95, with a volume of 237,150 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on THC. Truist Financial reaffirmed a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a report on Friday, November 22nd. Finally, KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $168.19.

Tenet Healthcare Trading Down 2.5 %

The firm has a market cap of $13.50 billion, a P/E ratio of 4.59, a P/E/G ratio of 0.64 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm has a 50 day simple moving average of $158.21 and a 200 day simple moving average of $148.45.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm earned $1.44 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors have recently made changes to their positions in the business. Coldstream Capital Management Inc. boosted its position in Tenet Healthcare by 2.2% during the third quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock valued at $566,000 after buying an additional 74 shares during the period. Optas LLC grew its position in Tenet Healthcare by 3.4% during the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after acquiring an additional 93 shares during the last quarter. Signaturefd LLC increased its stake in Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after purchasing an additional 94 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock valued at $480,000 after purchasing an additional 94 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Tenet Healthcare by 20.7% in 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 during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

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.