Tenet Healthcare (NYSE:THC) Shares Gap Down to $97.51

Tenet Healthcare Co. (NYSE:THC) shares gapped down prior to trading on Friday . The stock had previously closed at $97.51, but opened at $95.00. Tenet Healthcare shares last traded at $93.46, with a volume of 237,152 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on THC shares. Royal Bank of Canada increased their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, February 9th. Cantor Fitzgerald restated an “overweight” rating and set a $104.00 target price on shares of Tenet Healthcare in a research report on Wednesday, April 10th. TheStreet upgraded Tenet Healthcare from a “c+” rating to a “b-” rating in a research note on Tuesday, February 6th. Barclays initiated coverage on Tenet Healthcare in a report on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 price objective for the company. Finally, Wolfe Research upgraded Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target on the stock in a research report on Wednesday, March 27th. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $100.38.

Tenet Healthcare Stock Down 1.4 %

The company has a market capitalization of $9.54 billion, a P/E ratio of 16.88, a PEG ratio of 3.15 and a beta of 2.08. The company has a current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. The stock has a 50 day moving average price of $98.11 and a 200 day moving average price of $80.17.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $1.10. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The firm had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the firm posted $1.96 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, research analysts anticipate that Tenet Healthcare Co. will post 6.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the sale, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $94.84, for a total value of $1,612,280.00. Following the sale, the executive vice president now directly owns 8,148 shares in the company, valued at approximately $772,756.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the sale, the director now owns 20,127 shares in the company, valued at $1,775,402.67. The disclosure for this sale can be found here. Insiders sold a total of 51,268 shares of company stock valued at $4,944,810 in the last three months. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC bought a new position in shares of Tenet Healthcare during the first quarter valued at approximately $29,000. GAMMA Investing LLC purchased a new position in shares of Tenet Healthcare during the 4th quarter worth $52,000. Sunbelt Securities Inc. bought a new position in shares of Tenet Healthcare during the 3rd quarter valued at approximately $67,000. FinTrust Capital Advisors LLC boosted its holdings in Tenet Healthcare by 108.6% in the 4th quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock worth $68,000 after buying an additional 467 shares during the period. Finally, USA Financial Formulas bought a new stake in shares of Tenet Healthcare during the third quarter valued at approximately $92,000. Institutional investors own 95.44% of the company’s stock.

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.