Tenet Healthcare (NYSE:THC) Trading Down 6.8% Following Insider Selling

Tenet Healthcare Co. (NYSE:THC) shares fell 6.8% on Monday following insider selling activity. The company traded as low as $159.63 and last traded at $159.73. 230,914 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,510,992 shares. The stock had previously closed at $171.46.

Specifically, EVP Paola M. Arbour sold 7,738 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the sale, the executive vice president now directly owns 20,110 shares in the company, valued at approximately $3,479,030. This represents a 27.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard W. Fisher sold 836 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.16, for a total value of $144,761.76. Following the completion of the sale, the director now owns 11,292 shares of the company’s stock, valued at $1,955,322.72. The trade was a 6.89% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on THC. Baird R W cut shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. The Goldman Sachs Group boosted their price target on Tenet Healthcare from $134.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. Wall Street Zen downgraded shares of Tenet Healthcare from a “buy” rating to a “hold” rating in a report on Saturday. TD Cowen started coverage on Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price objective for the company. Finally, Truist Financial boosted their price objective on shares of Tenet Healthcare from $175.00 to $190.00 and gave the company a “buy” rating in a report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $180.18.

Tenet Healthcare Price Performance

The stock’s 50 day simple moving average is $144.43 and its 200-day simple moving average is $136.91. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The company has a market capitalization of $14.82 billion, a PE ratio of 4.95, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.22 EPS. As a group, equities analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tenet Healthcare

A number of large investors have recently modified their holdings of THC. Strs Ohio purchased a new stake in Tenet Healthcare during the first quarter worth $1,550,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Tenet Healthcare by 4.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 276,969 shares of the company’s stock valued at $37,252,000 after buying an additional 12,914 shares during the period. Empowered Funds LLC raised its position in shares of Tenet Healthcare by 19.6% in the 1st quarter. Empowered Funds LLC now owns 154,754 shares of the company’s stock worth $20,814,000 after buying an additional 25,323 shares during the period. United Services Automobile Association acquired a new stake in Tenet Healthcare during the first quarter worth about $821,000. Finally, Fred Alger Management LLC acquired a new position in shares of Tenet Healthcare in the 1st quarter valued at about $2,652,000. 95.44% of the stock is owned by hedge funds and other 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.