Tenet Healthcare (NYSE:THC) Trading Down 2.3%

Shares of Tenet Healthcare Co. (NYSE:THC) were down 2.3% during trading on Tuesday . The stock traded as low as $160.65 and last traded at $160.81. Approximately 45,900 shares changed hands during trading, a decline of 96% from the average daily volume of 1,196,241 shares. The stock had previously closed at $164.62.

Analyst Ratings Changes

Several equities research analysts have issued reports on THC shares. Robert W. Baird assumed coverage on shares of Tenet Healthcare in a research report on Thursday, May 30th. They set an “outperform” rating and a $153.00 price objective for the company. The Goldman Sachs Group lifted their target price on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Price Performance

The business’s fifty day simple moving average is $151.20 and its 200 day simple moving average is $129.25. The firm has a market capitalization of $15.74 billion, a price-to-earnings ratio of 6.25, a PEG ratio of 0.80 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. On average, research analysts forecast that Tenet Healthcare Co. will post 10.7 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares in the company, valued at $2,234,465.46. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last 90 days. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently added to or reduced their stakes in THC. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare in the 2nd quarter valued at about $28,000. ORG Partners LLC purchased a new stake in Tenet Healthcare in the second quarter valued at approximately $31,000. Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Tenet Healthcare in the 2nd quarter worth $34,000. Finally, Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter valued at $29,000. 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.