Tenet Healthcare (NYSE:THC) Trading Down 4.5% - Time to Sell?

Tenet Healthcare Corporation (NYSE:THC - Get Free Report) was down 4.5% on Monday . The company traded as low as $154.33 and last traded at $157.01. Approximately 1,514,712 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 1,549,097 shares. The stock had previously closed at $164.37.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $150.00 to $195.00 in a research note on Thursday, May 29th. Truist Financial boosted their price objective on shares of Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Baird R W lowered shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Finally, TD Cowen initiated coverage on Tenet Healthcare in a report on Wednesday, February 26th. They issued a "buy" rating and a $175.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $182.24.

Tenet Healthcare Stock Performance

The stock has a market cap of $15.56 billion, a PE ratio of 11.08, a P/E/G ratio of 1.22 and a beta of 1.65. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.78 and a quick ratio of 1.70. The stock has a 50-day simple moving average of $151.22 and a 200-day simple moving average of $138.32.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results 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 business had revenue of $5.22 billion during the quarter, compared to analysts' expectations of $5.15 billion. Tenet Healthcare had a return on equity of 22.58% and a net margin of 7.09%. The company's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.22 EPS. Equities analysts predict that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, EVP Paola M. Arbour sold 6,461 shares of Tenet Healthcare stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the sale, the executive vice president now owns 27,848 shares of the company's stock, valued at $4,461,249.60. The trade was a 18.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director J Robert Kerrey sold 5,001 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $148.50, for a total transaction of $742,648.50. Following the completion of the transaction, the director now directly owns 22,377 shares of the company's stock, valued at approximately $3,322,984.50. The trade was a 18.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in shares of Tenet Healthcare by 6.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company's stock worth $1,021,736,000 after buying an additional 463,552 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Tenet Healthcare by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 2,116,121 shares of the company's stock worth $268,591,000 after purchasing an additional 71,454 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Tenet Healthcare by 348.4% in the 1st quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company's stock valued at $263,905,000 after purchasing an additional 1,524,642 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Tenet Healthcare by 12.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,675,199 shares of the company's stock worth $225,297,000 after purchasing an additional 181,667 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at approximately $218,549,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Company Profile

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.