Tenet Healthcare Corporation (NYSE:THC) Short Interest Down 22.7% in August

Key Points

• Tenet Healthcare Corporation (NYSE:THC) experienced a significant decline in short interest, with a decrease of 22.7% in August, reducing total short interest to 2,390,000 shares.
• The company reported a strong quarterly earnings performance, achieving $4.02 EPS which exceeded analysts' expectations by $1.18 and marked a 3.2% year-over-year revenue increase.
• Several analysts have raised their price targets for Tenet Healthcare, with a consensus target now averaging $192.69 following upgrades from firms like Wells Fargo and Truist Financial.

Tenet Healthcare Corporation (NYSE:THC - Get Free Report) saw a large decline in short interest in the month of August. As of August 15th, there was short interest totaling 2,390,000 shares, a decline of 22.7% from the July 31st total of 3,090,000 shares. Currently, 2.7% of the company's shares are short sold. Based on an average daily volume of 1,530,000 shares, the days-to-cover ratio is presently 1.6 days. Based on an average daily volume of 1,530,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 2.7% of the company's shares are short sold.

Insider Activity

In other news, Director Christopher S. Lynch sold 3,952 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the transaction, the director directly owned 12,358 shares of the company's stock, valued at $2,179,827.62. The trade was a 24.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lisa Y. Foo sold 8,000 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total value of $1,436,240.00. Following the completion of the sale, the executive vice president directly owned 20,878 shares of the company's stock, valued at $3,748,227.34. The trade was a 27.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,722 shares of company stock valued at $17,161,015 in the last ninety days. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Tenet Healthcare during the first quarter valued at $26,000. Chung Wu Investment Group LLC purchased a new stake in shares of Tenet Healthcare during the second quarter worth $35,000. Canada Pension Plan Investment Board purchased a new stake in shares of Tenet Healthcare during the second quarter worth $35,000. Wayfinding Financial LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth $28,000. Finally, SVB Wealth LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth $30,000. 95.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wolfe Research lowered Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Mizuho boosted their price objective on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. JPMorgan Chase & Co. boosted their price objective on Tenet Healthcare from $190.00 to $200.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. UBS Group boosted their price objective on Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Raymond James Financial reissued an "outperform" rating and set a $200.00 price objective (up from $185.00) on shares of Tenet Healthcare in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $195.50.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded down $0.78 during midday trading on Friday, reaching $192.60. The company's stock had a trading volume of 889,220 shares, compared to its average volume of 1,058,117. Tenet Healthcare has a 12-month low of $109.82 and a 12-month high of $199.99. The firm has a 50 day moving average price of $173.91 and a 200-day moving average price of $155.20. The stock has a market capitalization of $17.02 billion, a P/E ratio of 12.33, a PEG ratio of 0.83 and a beta of 1.55. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The firm had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the previous year, the business earned $2.31 EPS. The company's revenue was up 3.2% compared to the same quarter last year. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. As a group, equities analysts predict 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.