Tenet Healthcare (NYSE:THC) Stock: Insider Roy Blunt Sells 1,000 Shares

Key Points

• Director Roy Blunt sold 1,000 Tenet Healthcare shares at an average of $293 each, totaling $293,000. He retained 3,589 shares after the sale, a 21.79% reduction in his direct holdings.
• Tenet reported quarterly earnings of $6.64 per share and revenue of $6.28 billion, beating analyst estimates; revenue rose 6.5% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $296.65; shares recently traded at $286.34.

Tenet Healthcare Corporation (NYSE:THC - Get Free Report) Director Roy Blunt sold 1,000 shares of the company's stock in a transaction 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 transaction, the director directly owned 3,589 shares in the company, valued at approximately $1,051,577. This trade represents a 21.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Tenet Healthcare Price Performance

Shares of NYSE THC traded down $0.52 during midday trading on Friday, hitting $286.34. The company had a trading volume of 372,735 shares, compared to its average volume of 928,804. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76. Tenet Healthcare Corporation has a twelve month low of $157.58 and a twelve month high of $301.44. The business has a 50-day simple moving average of $267.83 and a two-hundred day simple moving average of $224.88. The firm has a market capitalization of $22.79 billion, a price-to-earnings ratio of 8.30, a price-to-earnings-growth ratio of 1.53 and a beta of 1.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, topping the consensus estimate of $4.68 by $1.96. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the prior year, the business posted $3.70 earnings per share. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that Tenet Healthcare Corporation will post 22.32 earnings per share for the current year.

Institutional Trading of Tenet Healthcare

Several institutional investors and hedge funds have recently made changes to their positions in THC. Manning & Napier Advisors LLC purchased a new position in Tenet Healthcare in the 2nd quarter valued at about $168,761,000. Aberdeen Group plc boosted its holdings in shares of Tenet Healthcare by 4,392.9% during the third quarter. Aberdeen Group plc now owns 845,555 shares of the company's stock worth $216,090,000 after purchasing an additional 826,735 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company's stock valued at $126,757,000 after purchasing an additional 244,901 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Tenet Healthcare in the second quarter valued at $106,342,000. Finally, Empowered Funds LLC increased its stake in Tenet Healthcare by 22.1% in the first quarter. Empowered Funds LLC now owns 284,753 shares of the company's stock valued at $53,736,000 after purchasing an additional 51,549 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

THC has been the topic of a number of research analyst reports. Truist Financial reiterated a "buy" rating and set a $305.00 target price (up from $290.00) on shares of Tenet Healthcare in a research report on Tuesday, November 3rd. Wall Street Zen upgraded Tenet Healthcare from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 17th. Wells Fargo & Company lifted their price target on Tenet Healthcare from $281.00 to $321.00 and gave the stock an "overweight" rating in a research note on Monday, November 2nd. KeyCorp boosted their price objective on shares of Tenet Healthcare from $270.00 to $300.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 3rd. Finally, Leerink Partners increased their price objective on shares of Tenet Healthcare from $309.00 to $342.00 and gave the company an "outperform" rating in a research note on Monday, November 2nd. Nineteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $296.65.

About Tenet Healthcare

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.

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