Tenet Healthcare Corp. (THC) Shares Down 5.3%
Tenet Healthcare Corp. (NYSE:THC) dropped 5.3% during trading on Tuesday . The stock traded as low as $21.80 and last traded at $21.81, with a volume of 1,752,612 shares traded. The stock had previously closed at $23.04.
THC has been the subject of several research analyst reports. Jefferies Group reaffirmed a “buy” rating on shares of Tenet Healthcare Corp. in a research report on Monday, July 11th. Barclays PLC reissued a “buy” rating and set a $39.00 price target on shares of Tenet Healthcare Corp. in a research report on Friday, August 19th. Zacks Investment Research cut shares of Tenet Healthcare Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 19th. Mizuho reissued a “neutral” rating and set a $28.00 price target (down from $33.00) on shares of Tenet Healthcare Corp. in a research report on Tuesday, August 2nd. Finally, Citigroup Inc. lowered their price target on shares of Tenet Healthcare Corp. from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. Tenet Healthcare Corp. has an average rating of “Hold” and a consensus target price of $33.72.
The company has a 50 day moving average price of $24.88 and a 200 day moving average price of $28.13. The company’s market capitalization is $2.19 billion.
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Tenet Healthcare Corp. (NYSE:THC) last released its quarterly earnings data on Monday, August 1st. The company reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by $0.14. Tenet Healthcare Corp. had a positive return on equity of 14.47% and a negative net margin of 1.15%. The business earned $4.87 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the company earned $0.75 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that Tenet Healthcare Corp. will post $1.55 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Bridger Management LLC acquired a new stake in Tenet Healthcare Corp. during the first quarter worth $25,113,000. State Street Corp raised its stake in Tenet Healthcare Corp. by 0.5% in the first quarter. State Street Corp now owns 3,613,092 shares of the company’s stock worth $104,526,000 after buying an additional 16,880 shares during the period. TIAA CREF Investment Management LLC raised its stake in Tenet Healthcare Corp. by 5.3% in the first quarter. TIAA CREF Investment Management LLC now owns 641,140 shares of the company’s stock worth $18,548,000 after buying an additional 32,160 shares during the period. Geode Capital Management LLC raised its stake in Tenet Healthcare Corp. by 1.1% in the first quarter. Geode Capital Management LLC now owns 793,231 shares of the company’s stock worth $22,910,000 after buying an additional 8,677 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in Tenet Healthcare Corp. during the first quarter worth $399,000.
About Tenet Healthcare Corp.
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer.
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