Tenet Healthcare Co. (NYSE:THC) Short Interest Update

Tenet Healthcare Co. (NYSE:THC - Get Free Report) was the recipient of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 2,380,000 shares, an increase of 17.2% from the April 30th total of 2,030,000 shares. Approximately 2.6% of the shares of the stock are short sold. Based on an average trading volume of 1,620,000 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on THC shares. 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. Morgan Stanley upped their price objective on shares of Tenet Healthcare from $165.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Royal Bank of Canada upped their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $150.00 to $195.00 in a report on Thursday, May 29th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $137.00 target price (down previously from $153.00) on shares of Tenet Healthcare in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $180.18.

Insiders Place Their Bets

In other Tenet Healthcare news, Director James L. Bierman sold 4,613 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $170.00, for a total transaction of $784,210.00. Following the sale, the director now directly owns 35,271 shares in the company, valued at approximately $5,996,070. This trade represents a 11.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director J Robert Kerrey sold 1,222 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $164.96, for a total transaction of $201,581.12. Following the sale, the director now owns 22,377 shares in the company, valued at $3,691,309.92. This trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,072 shares of company stock valued at $8,557,590 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of hedge funds have recently made changes to their positions in THC. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Tenet Healthcare in the 4th quarter valued at about $5,892,000. abrdn plc raised its stake in Tenet Healthcare by 29.0% in the 4th quarter. abrdn plc now owns 98,229 shares of the company's stock valued at $12,320,000 after acquiring an additional 22,066 shares during the period. Asset Management One Co. Ltd. raised its stake in Tenet Healthcare by 541.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company's stock valued at $1,213,000 after acquiring an additional 8,000 shares during the period. Lecap Asset Management Ltd. raised its stake in Tenet Healthcare by 152.7% in the 4th quarter. Lecap Asset Management Ltd. now owns 4,189 shares of the company's stock valued at $529,000 after acquiring an additional 2,531 shares during the period. Finally, Truist Financial Corp raised its stake in Tenet Healthcare by 1.6% in the 4th quarter. Truist Financial Corp now owns 12,407 shares of the company's stock valued at $1,566,000 after acquiring an additional 198 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Down 1.1%

NYSE THC traded down $1.94 during mid-day trading on Wednesday, hitting $169.90. The company's stock had a trading volume of 1,342,772 shares, compared to its average volume of 1,527,614. The company's 50 day simple moving average is $142.93 and its 200 day simple moving average is $136.84. Tenet Healthcare has a twelve month low of $109.82 and a twelve month high of $174.14. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of 5.27, a PEG ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.11 by $1.25. The firm had revenue of $5.22 billion for 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%. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.22 EPS. Analysts anticipate that Tenet Healthcare will post 12.24 earnings per share for the current year.

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.

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