Key Points
- Tenet Healthcare director Roy Blunt sold 1,000 shares for $293,000 at $293 per share, reducing his direct stake by 21.79% to 3,589 shares.
- Tenet’s latest quarterly results beat estimates: earnings were $6.64 per share versus $4.68 expected, while revenue reached $6.28 billion and rose 6.5% year over year.
- Analysts maintain a Moderate Buy consensus, with 19 Buy and three Hold ratings and an average price target of $296.65.
Tenet Healthcare Corporation (NYSE:THC - Get Free Report) Director Roy Blunt sold 1,000 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $293.00, for a total value of $293,000.00. Following the completion of the transaction, the director directly owned 3,589 shares in the company, valued at $1,051,577. This trade represents a 21.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Tenet Healthcare Trading Down 0.2%
THC stock traded down $0.52 during midday trading on Friday, hitting $286.34. The company had a trading volume of 372,735 shares, compared to its average volume of 928,804. The stock has a market cap of $22.79 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 1.53 and a beta of 1.20. Tenet Healthcare Corporation has a 52 week low of $157.58 and a 52 week high of $301.44. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76. The stock's 50 day moving average price is $267.83 and its 200 day moving average price is $224.88.
Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $6.64 EPS for the quarter, topping the consensus estimate of $4.68 by $1.96. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the previous year, the firm earned $3.70 earnings per share. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities research analysts expect that Tenet Healthcare Corporation will post 22.32 earnings per share for the current fiscal year.
Analyst Ratings Changes
THC has been the topic of a number of analyst reports. Guggenheim decreased their price objective on shares of Tenet Healthcare from $307.00 to $306.00 and set a "buy" rating on the stock in a research report on Friday, October 30th. Deutsche Bank increased their target price on shares of Tenet Healthcare from $260.00 to $320.00 and gave the stock a "buy" rating in a report on Friday, October 30th. Truist Financial restated a "buy" rating and set a $305.00 price target (up from $290.00) on shares of Tenet Healthcare in a report on Tuesday, November 3rd. Mizuho set a $305.00 price target on Tenet Healthcare in a research report on Monday, November 2nd. Finally, KeyCorp increased their price objective on Tenet Healthcare from $270.00 to $300.00 and gave the stock an "overweight" rating in a report on Tuesday, November 3rd. Nineteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $296.65.
Read Our Latest Report on Tenet Healthcare
Institutional Trading of Tenet Healthcare
Several large investors have recently bought and sold shares of the company. Talon Private Wealth LLC grew its holdings in shares of Tenet Healthcare by 35.4% during the 2nd quarter. Talon Private Wealth LLC now owns 23,097 shares of the company's stock worth $4,321,000 after acquiring an additional 6,044 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at approximately $9,593,000. CX Institutional bought a new stake in shares of Tenet Healthcare during the third quarter valued at approximately $6,415,000. Public Employees Retirement System of Ohio bought a new stake in shares of Tenet Healthcare during the second quarter valued at approximately $10,144,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Tenet Healthcare in the second quarter worth $5,504,000. 95.44% of the stock is owned by institutional investors.
About Tenet Healthcare
(
Get Free Report)
Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company's Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.
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