Tenet Healthcare (NYSE:THC) Director Sells 3,837 Shares of Stock

Tenet Healthcare Corporation (NYSE:THC) Director Christopher Lynch sold 3,837 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $243.44, for a total transaction of $934,079.28. Following the completion of the sale, the director owned 9,568 shares of the company’s stock, valued at approximately $2,329,233.92. This represents a 28.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Tenet Healthcare Trading Up 7.8%

THC stock traded up $19.00 during midday trading on Tuesday, hitting $262.36. 1,831,275 shares of the company’s stock were exchanged, compared to its average volume of 1,409,805. Tenet Healthcare Corporation has a one year low of $155.02 and a one year high of $262.68. The stock’s fifty day moving average price is $187.59 and its 200-day moving average price is $198.22. The company has a market cap of $22.60 billion, a PE ratio of 10.12, a price-to-earnings-growth ratio of 1.37 and a beta of 1.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.35 and a current ratio of 1.41.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Friday, July 24th. The company reported $6.12 EPS for the quarter, topping analysts’ consensus estimates of $4.26 by $1.86. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The company had revenue of $6.04 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter last year, the firm posted $4.02 earnings per share. Tenet Healthcare’s revenue was up 6.8% compared to the same quarter last year. Research analysts predict that Tenet Healthcare Corporation will post 20.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Tenet Healthcare in the 4th quarter valued at about $248,494,000. Wellington Management Group LLP boosted its position in Tenet Healthcare by 1,114.2% during the fourth quarter. Wellington Management Group LLP now owns 1,135,801 shares of the company’s stock valued at $225,706,000 after purchasing an additional 1,042,260 shares during the last quarter. Boston Partners grew its stake in Tenet Healthcare by 38.8% in the third quarter. Boston Partners now owns 3,147,555 shares of the company’s stock valued at $638,958,000 after purchasing an additional 880,413 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Tenet Healthcare by 62.3% during the 3rd quarter. AQR Capital Management LLC now owns 1,876,423 shares of the company’s stock worth $380,989,000 after purchasing an additional 720,160 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Tenet Healthcare by 375.7% in the 2nd quarter. Alliancebernstein L.P. now owns 790,254 shares of the company’s stock valued at $139,085,000 after buying an additional 624,125 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

THC has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $213.00 to $231.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Morgan Stanley boosted their price objective on shares of Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a research report on Monday. Guggenheim increased their target price on Tenet Healthcare from $242.00 to $283.00 and gave the stock a “buy” rating in a report on Tuesday. Stephens reaffirmed an “overweight” rating and set a $285.00 price objective on shares of Tenet Healthcare in a research report on Monday. Finally, TD Cowen lifted their target price on Tenet Healthcare from $233.00 to $263.00 and gave the company a “buy” rating in a research report on Monday. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $264.45.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.