Tenet Healthcare Corp (NYSE:THC) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 11,730,000 shares, a decline of 7.6% from the September 30th total of 12,700,000 shares. Based on an average trading volume of 1,350,000 shares, the days-to-cover ratio is presently 8.7 days. Approximately 11.5% of the company’s shares are sold short.
THC traded up $0.90 on Tuesday, reaching $31.70. 47,192 shares of the company traded hands, compared to its average volume of 1,394,983. The stock’s 50 day moving average price is $25.18 and its 200-day moving average price is $22.15. Tenet Healthcare has a 52-week low of $16.60 and a 52-week high of $31.64. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.74 and a beta of 1.66. The company has a debt-to-equity ratio of 30.38, a current ratio of 1.22 and a quick ratio of 1.14.
Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.30. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.46 billion. Tenet Healthcare had a negative net margin of 1.31% and a positive return on equity of 35.68%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. As a group, equities research analysts forecast that Tenet Healthcare will post 2.65 earnings per share for the current fiscal year.
In other news, Director Edward A. Kangas sold 45,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $20.28, for a total transaction of $912,600.00. Following the sale, the director now owns 47,138 shares in the company, valued at $955,958.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Glenview Capital Management, L purchased 81,368 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average price of $20.70 per share, for a total transaction of $1,684,317.60. The disclosure for this purchase can be found here. Insiders have bought 311,403 shares of company stock worth $6,393,099 in the last 90 days. 1.50% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position in Tenet Healthcare by 9.8% in the second quarter. BlackRock Inc. now owns 11,069,966 shares of the company’s stock worth $228,706,000 after acquiring an additional 988,993 shares in the last quarter. Camber Capital Management LP grew its position in Tenet Healthcare by 42.9% in the second quarter. Camber Capital Management LP now owns 2,500,000 shares of the company’s stock worth $51,650,000 after acquiring an additional 750,000 shares in the last quarter. Letko Brosseau & Associates Inc. grew its position in Tenet Healthcare by 18.8% in the third quarter. Letko Brosseau & Associates Inc. now owns 2,476,785 shares of the company’s stock worth $54,786,000 after acquiring an additional 391,475 shares in the last quarter. FMR LLC grew its position in Tenet Healthcare by 13.7% in the first quarter. FMR LLC now owns 1,785,117 shares of the company’s stock worth $51,483,000 after acquiring an additional 215,600 shares in the last quarter. Finally, Northern Trust Corp grew its position in Tenet Healthcare by 1.9% in the second quarter. Northern Trust Corp now owns 1,419,838 shares of the company’s stock worth $29,333,000 after acquiring an additional 27,142 shares in the last quarter. 99.16% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. SunTrust Banks boosted their price target on shares of Tenet Healthcare from $24.00 to $31.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Goldman Sachs Group assumed coverage on shares of Tenet Healthcare in a report on Wednesday, August 14th. They set a “neutral” rating and a $28.00 price target on the stock. Credit Suisse Group upgraded shares of Tenet Healthcare from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $36.00 in a report on Wednesday, November 6th. ValuEngine downgraded shares of Tenet Healthcare from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 5th. Finally, Robert W. Baird boosted their price objective on shares of Tenet Healthcare from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. Tenet Healthcare presently has an average rating of “Hold” and an average target price of $29.92.
About Tenet Healthcare
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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