Insider Selling: Tenet Healthcare (NYSE:THC) Director Sells 1,000 Shares of Company Stock

Tenet Healthcare Corporation (NYSE:THC) Director Roy Blunt sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $293.00, for a total transaction of $293,000.00. Following the completion of the sale, the director directly owned 3,589 shares in the company, valued at $1,051,577. This represents a 21.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Tenet Healthcare Trading Down 0.2%

Tenet Healthcare stock traded down $0.52 during trading on Friday, reaching $286.34. The company had a trading volume of 372,735 shares, compared to its average volume of 928,804. Tenet Healthcare Corporation has a 12-month low of $157.58 and a 12-month high of $301.44. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.52 and a current ratio of 1.58. The stock’s 50 day moving average price is $267.83 and its two-hundred day moving average price is $224.88. The firm has a market capitalization 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 (NYSE:THC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.68 by $1.96. The company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. Tenet Healthcare’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned $3.70 EPS. As a group, equities analysts expect that Tenet Healthcare Corporation will post 22.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in THC. Manning & Napier Advisors LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at about $168,761,000. Aberdeen Group plc lifted its position in Tenet Healthcare by 4,392.9% during the 3rd quarter. Aberdeen Group plc now owns 845,555 shares of the company’s stock worth $216,090,000 after acquiring an additional 826,735 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Tenet Healthcare during the 2nd quarter worth approximately $106,342,000. Arrowstreet Capital Limited Partnership boosted its holdings in Tenet Healthcare by 57.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after acquiring an additional 244,901 shares during the period. Finally, Voya Investment Management LLC grew its position in Tenet Healthcare by 346.2% in the third quarter. Voya Investment Management LLC now owns 162,756 shares of the company’s stock valued at $41,594,000 after acquiring an additional 126,283 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on THC shares. KeyCorp lifted their target price on Tenet Healthcare from $270.00 to $300.00 and gave the company an “overweight” rating in a report on Tuesday, November 3rd. Mizuho set a $305.00 price target on Tenet Healthcare in a research note on Monday, November 2nd. Royal Bank Of Canada raised their price objective on Tenet Healthcare from $283.00 to $304.00 and gave the stock an “outperform” rating in a report on Monday, November 2nd. UBS Group boosted their target price on Tenet Healthcare from $288.00 to $308.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Wells Fargo & Company increased their target price on shares of Tenet Healthcare from $281.00 to $321.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Nineteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $296.65.

Tenet Healthcare Company Profile

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.