Tenet Healthcare (NYSE:THC) Shares Down 6.8% Following Insider Selling

Tenet Healthcare Co. (NYSE:THC)’s share price fell 6.8% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $159.63 and last traded at $159.73. 230,914 shares traded hands during trading, a decline of 85% from the average session volume of 1,510,992 shares. The stock had previously closed at $171.46.

Specifically, EVP Paola M. Arbour sold 7,738 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the sale, the executive vice president now owns 20,110 shares of the company’s stock, valued at approximately $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Fisher sold 836 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total value of $144,761.76. Following the transaction, the director now owns 11,292 shares of the company’s stock, valued at $1,955,322.72. This represents a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

THC has been the subject of several research reports. Bank of America lifted their price objective on Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, May 14th. Morgan Stanley boosted their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday. Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 price objective on shares of Tenet Healthcare in a research note on Thursday, February 13th. Barclays raised their target price on shares of Tenet Healthcare from $171.00 to $215.00 and gave the company an “overweight” rating in a research note on Monday, June 2nd. Finally, Royal Bank of Canada raised their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an “outperform” rating in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $182.24.

Tenet Healthcare Trading Down 6.0%

The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. The stock has a market cap of $14.51 billion, a price-to-earnings ratio of 4.85, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65. The company’s 50 day simple moving average is $145.47 and its two-hundred day simple moving average is $137.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Tenet Healthcare’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.22 EPS. Research analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Institutional Trading of Tenet Healthcare

Several hedge funds have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB grew its holdings in Tenet Healthcare by 1,352.8% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company’s stock worth $66,000 after acquiring an additional 487 shares during the period. Empirical Finance LLC boosted its position in shares of Tenet Healthcare by 69.0% during the fourth quarter. Empirical Finance LLC now owns 8,360 shares of the company’s stock worth $1,055,000 after purchasing an additional 3,414 shares in the last quarter. Savant Capital LLC increased its stake in Tenet Healthcare by 10.4% in the 4th quarter. Savant Capital LLC now owns 7,439 shares of the company’s stock valued at $939,000 after buying an additional 699 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Tenet Healthcare in the 4th quarter valued at $5,892,000. Finally, Castellan Group increased its stake in Tenet Healthcare by 4.4% in the 4th quarter. Castellan Group now owns 39,588 shares of the company’s stock valued at $4,997,000 after buying an additional 1,663 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Company Profile

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.