Tenet Healthcare (NYSE:THC) Stock Price Down 5% – What’s Next?

Tenet Healthcare Co. (NYSE:THC) traded down 5% during trading on Wednesday . The stock traded as low as $128.52 and last traded at $131.88. 774,260 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 1,023,463 shares. The stock had previously closed at $138.83.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. KeyCorp decreased their price target on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Truist Financial lowered their target price on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Cantor Fitzgerald boosted their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lowered Tenet Healthcare from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $196.00 to $140.00 in a research note on Monday, December 16th. Finally, StockNews.com lowered Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and an average price target of $165.00.

Tenet Healthcare Stock Performance

The business has a 50 day moving average price of $133.85 and a two-hundred day moving average price of $148.52. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The company has a market cap of $12.16 billion, a P/E ratio of 4.10, a price-to-earnings-growth ratio of 0.63 and a beta of 2.05.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. On average, sell-side analysts anticipate that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in THC. New Wave Wealth Advisors LLC purchased a new stake in Tenet Healthcare in the fourth quarter worth about $343,000. Swedbank AB raised its holdings in Tenet Healthcare by 100.0% in the fourth quarter. Swedbank AB now owns 40,000 shares of the company’s stock worth $5,049,000 after purchasing an additional 20,000 shares in the last quarter. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare during the 3rd quarter valued at $1,055,000. Signet Financial Management LLC bought a new position in shares of Tenet Healthcare in the 4th quarter worth about $1,526,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in Tenet Healthcare during the fourth quarter worth about $410,000. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Company Profile

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.