Tenet Healthcare (NYSE:THC) Shares Down 3.2% – Should You Sell?

Tenet Healthcare Co. (NYSE:THC)’s share price fell 3.2% during trading on Friday . The company traded as low as $121.01 and last traded at $121.27. 84,178 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 363,409 shares. The stock had previously closed at $125.22.

Analyst Ratings Changes

Several equities analysts have recently weighed in on THC shares. Barclays lifted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Truist Financial reiterated a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. StockNews.com lowered shares of Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 17th. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $205.00 to $150.00 in a research report on Monday, November 25th. Finally, Royal Bank of Canada upped their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $166.88.

Tenet Healthcare Stock Down 2.1 %

The stock’s 50 day simple moving average is $143.74 and its 200 day simple moving average is $148.44. The stock has a market capitalization of $11.66 billion, a P/E ratio of 3.93, a P/E/G ratio of 0.61 and a beta of 2.06. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35.

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

Insider Buying and Selling

In other news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Tenet Healthcare by 88.0% in the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after purchasing an additional 3,604,161 shares during the period. Geode Capital Management LLC raised its stake in Tenet Healthcare by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after acquiring an additional 390,316 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares in the last quarter. Iron Triangle Partners LP acquired a new position in shares of Tenet Healthcare during the third quarter valued at $51,346,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Tenet Healthcare by 344.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after purchasing an additional 245,875 shares during the period. 95.44% of the stock is currently owned by institutional investors.

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.