Tenet Healthcare (NYSE:THC) Shares Gap Down on Insider Selling

Tenet Healthcare Corporation (NYSE:THC)’s share price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $205.26, but opened at $192.00. Tenet Healthcare shares last traded at $195.95, with a volume of 200,400 shares trading hands.

Specifically, Director Tammy Romo sold 645 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $205.20, for a total transaction of $132,354.00. Following the transaction, the director owned 34,866 shares in the company, valued at $7,154,503.20. This trade represents a 1.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider R. Scott Ramsey sold 13,322 shares of Tenet Healthcare stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $205.11, for a total value of $2,732,475.42. The disclosure for this sale is available in the SEC filing. In other news, Director Tammy Romo sold 11,756 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $204.07, for a total transaction of $2,399,046.92. Following the completion of the sale, the director owned 35,511 shares of the company’s stock, valued at $7,246,729.77. This represents a 24.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of analysts have commented on THC shares. The Goldman Sachs Group started coverage on shares of Tenet Healthcare in a report on Tuesday, October 14th. They issued a “buy” rating and a $224.00 price objective for the company. Wolfe Research lowered Tenet Healthcare from an “outperform” rating to a “peer perform” rating in a research note on Monday, July 28th. Wells Fargo & Company raised their target price on Tenet Healthcare from $200.00 to $238.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Truist Financial reissued a “buy” rating and issued a $240.00 price target (up previously from $225.00) on shares of Tenet Healthcare in a research note on Monday, November 3rd. Finally, KeyCorp lifted their target price on Tenet Healthcare from $205.00 to $225.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.25.

Tenet Healthcare Stock Performance

The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.63 and a current ratio of 1.71. The company has a market capitalization of $17.31 billion, a PE ratio of 13.50, a P/E/G ratio of 0.89 and a beta of 1.53. The stock’s 50-day simple moving average is $198.15 and its 200 day simple moving average is $176.53.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $3.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.37. Tenet Healthcare had a return on equity of 25.11% and a net margin of 6.49%.The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.26 billion. During the same quarter in the previous year, the firm posted $2.93 EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Tenet Healthcare has set its FY 2025 guidance at 15.930-16.26 EPS. As a group, research analysts expect that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds have recently modified their holdings of the company. SVB Wealth LLC bought a new position in shares of Tenet Healthcare in the first quarter worth $30,000. N.E.W. Advisory Services LLC acquired a new stake in Tenet Healthcare in the first quarter worth approximately $31,000. Brooklyn Investment Group raised its stake in shares of Tenet Healthcare by 908.7% in the 1st quarter. Brooklyn Investment Group now owns 232 shares of the company’s stock worth $31,000 after buying an additional 209 shares in the last quarter. William B. Walkup & Associates Inc. acquired a new stake in shares of Tenet Healthcare in the third quarter valued at $32,000. Finally, Chung Wu Investment Group LLC bought a new stake in Tenet Healthcare in the second quarter worth about $35,000. 95.44% of the stock is owned by institutional investors and hedge funds.

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.