Tenet Healthcare (NYSE:THC) Shares Down 5.2% – Should You Sell?

21 Nov 2024, 18:47 by Mitch Edgeman · The Markets Daily

Tenet Healthcare Co. (NYSE:THC – Get Free Report) fell 5.2% on Thursday . The stock traded as low as $143.52 and last traded at $143.88. 176,573 shares traded hands during trading, a decline of 85% from the average session volume of 1,211,325 shares. The stock had previously closed at $151.84.

Wall Street Analyst Weigh In

THC has been the subject of a number of recent research reports. Truist Financial reissued a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. UBS Group lifted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Royal Bank of Canada boosted their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald raised their price target on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $170.38.

Read Our Latest Report on THC

Tenet Healthcare Stock Down 2.2 %

The company’s 50 day moving average price is $159.44 and its two-hundred day moving average price is $147.72. The stock has a market cap of $14.12 billion, a P/E ratio of 4.87, a P/E/G ratio of 0.69 and a beta of 2.15. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.44 EPS. As a group, research analysts expect that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare declared that its board has initiated a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 12.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,599 shares of company stock worth $2,830,834. 0.93% of the stock is owned by company insiders.

Institutional Trading of Tenet Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC grew its stake in Tenet Healthcare by 88.0% during the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares during the period. 8 Knots Management LLC increased its position in Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after acquiring an additional 438,033 shares during the period. Geode Capital Management LLC lifted its stake in shares of Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock worth $339,893,000 after acquiring an additional 390,316 shares during the period. Finally, Acadian Asset Management LLC increased its position in Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Company Profile

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