Tenet Healthcare (NYSE:THC) Stock Price Down 2% After Insider Selling

Shares of Tenet Healthcare Co. (NYSE:THC - Get Free Report) traded down 2% on Monday following insider selling activity. The company traded as low as $124.16 and last traded at $124.56. 149,773 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,202,621 shares. The stock had previously closed at $127.13.

Specifically, Director Nadja West sold 1,782 shares of the firm's stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $126.41, for a total transaction of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares in the company, valued at approximately $3,751,848.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Nadja West sold 1,782 shares of the firm's stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $126.41, for a total transaction of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares in the company, valued at approximately $3,751,848.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Paola M. Arbour sold 18,168 shares of the firm's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $96.96, for a total value of $1,761,569.28. Following the transaction, the executive vice president now owns 29,803 shares of the company's stock, valued at $2,889,698.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,698 shares of company stock worth $6,424,056. 0.93% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

THC has been the topic of a number of analyst reports. Stephens increased their price target on Tenet Healthcare from $95.00 to $122.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft raised their target price on Tenet Healthcare from $100.00 to $126.00 and gave the stock a "buy" rating in a research report on Friday, April 12th. Wolfe Research raised Tenet Healthcare from a "peer perform" rating to an "outperform" rating and set a $122.00 target price on the stock in a research report on Wednesday, March 27th. Wells Fargo & Company raised their target price on Tenet Healthcare from $105.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, March 28th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $104.00 target price on shares of Tenet Healthcare in a research report on Wednesday, April 10th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Tenet Healthcare presently has an average rating of "Buy" and an average target price of $113.19.

Tenet Healthcare Stock Down 0.8 %

The firm has a market cap of $12.32 billion, a price-to-earnings ratio of 4.81, a P/E/G ratio of 1.29 and a beta of 2.09. The firm has a 50 day moving average price of $103.68 and a 200-day moving average price of $85.23. The company has a current ratio of 1.44, a quick ratio of 1.37 and a debt-to-equity ratio of 2.58.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The company had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Tenet Healthcare Co. will post 8.73 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Tenet Healthcare by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company's stock worth $839,613,000 after purchasing an additional 172,913 shares in the last quarter. Glenview Capital Management LLC boosted its position in Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company's stock worth $585,087,000 after acquiring an additional 877,180 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Tenet Healthcare by 16.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company's stock worth $114,629,000 after acquiring an additional 212,185 shares during the last quarter. Greenlight Capital Inc. boosted its position in Tenet Healthcare by 44.3% during the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company's stock worth $99,448,000 after acquiring an additional 404,190 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Tenet Healthcare by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,043,214 shares of the company's stock worth $78,836,000 after acquiring an additional 16,490 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.