Tenet Healthcare (NYSE:THC) Director Sells $934,079.28 in Stock

Key Points

• Director Christopher Lynch sold 3,837 Tenet Healthcare shares at an average price of $243.44, totaling $934,079.28. His remaining direct ownership fell 28.62% to 9,568 shares.
• Tenet reported quarterly EPS of $6.12, beating estimates of $4.26, while revenue reached $6.04 billion and increased 6.8% year over year.
• The stock traded near a 52-week high at $262.36, while analysts maintained a favorable outlook: 17 rated it Buy and three Hold, with a consensus price target of $264.45.

Tenet Healthcare Corporation (NYSE:THC - Get Free Report) Director Christopher Lynch sold 3,837 shares of Tenet Healthcare stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $243.44, for a total transaction of $934,079.28. Following the transaction, the director directly owned 9,568 shares of the company's stock, valued at $2,329,233.92. This represents a 28.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Tenet Healthcare Price Performance

Shares of NYSE THC traded up $19.00 during mid-day trading on Tuesday, hitting $262.36. 1,831,275 shares of the stock were exchanged, compared to its average volume of 1,409,805. Tenet Healthcare Corporation has a twelve month low of $155.02 and a twelve month high of $262.68. The stock's fifty day simple moving average is $187.59 and its two-hundred day simple moving average is $198.22. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.35 and a current ratio of 1.41. The company has a market cap of $22.60 billion, a P/E ratio of 10.12, a PEG ratio of 1.37 and a beta of 1.27.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Friday, July 24th. The company reported $6.12 EPS for the quarter, topping the consensus estimate of $4.26 by $1.86. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The business had revenue of $6.04 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same period in the previous year, the business earned $4.02 EPS. Tenet Healthcare's revenue was up 6.8% compared to the same quarter last year. As a group, analysts forecast that Tenet Healthcare Corporation will post 20.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Tenet Healthcare from $254.00 to $274.00 and gave the stock an "overweight" rating in a research note on Monday. Wells Fargo & Company lifted their target price on Tenet Healthcare from $213.00 to $231.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Royal Bank Of Canada upped their price target on Tenet Healthcare from $236.00 to $283.00 and gave the company an "outperform" rating in a research note on Monday. Piper Sandler set a $308.00 price objective on Tenet Healthcare in a research report on Monday. Finally, Guggenheim boosted their price objective on Tenet Healthcare from $242.00 to $283.00 and gave the stock a "buy" rating in a report on Tuesday. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $264.45.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in THC. Triumph Capital Management bought a new position in shares of Tenet Healthcare in the 3rd quarter worth $25,000. Activest Wealth Management acquired a new position in Tenet Healthcare in the fourth quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Tenet Healthcare during the fourth quarter worth about $29,000. Canada Pension Plan Investment Board acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth about $35,000. Finally, Meeder Asset Management Inc. raised its position in shares of Tenet Healthcare by 146.2% in the 4th quarter. Meeder Asset Management Inc. now owns 192 shares of the company's stock valued at $38,000 after acquiring an additional 114 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation NYSE: THC is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet's operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.

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