Tenet Healthcare (NYSE:THC) Shares Down 6.8% Following Insider Selling

Tenet Healthcare Co. (NYSE:THC - Get Free Report) shares were down 6.8% during trading on Monday after an insider sold shares in the company. The company traded as low as $159.63 and last traded at $159.73. Approximately 230,914 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 1,510,992 shares. The stock had previously closed at $171.46.

Specifically, EVP Paola M. Arbour sold 7,738 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total value of $1,338,674.00. Following the completion of the sale, the executive vice president now owns 20,110 shares in the company, valued at $3,479,030. This represents a 27.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Richard W. Fisher sold 836 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.16, for a total transaction of $144,761.76. Following the completion of the sale, the director now directly owns 11,292 shares in the company, valued at approximately $1,955,322.72. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on THC. Morgan Stanley lifted their target price on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday. Baird R W lowered shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. UBS Group raised their price target on Tenet Healthcare from $217.00 to $230.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. TD Cowen assumed coverage on Tenet Healthcare in a research note on Wednesday, February 26th. They set a "buy" rating and a $175.00 price objective on the stock. Finally, Bank of America raised their target price on Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $182.24.

Tenet Healthcare Price Performance

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 company has a market capitalization of $15.36 billion, a P/E ratio of 5.13, a P/E/G ratio of 1.02 and a beta of 1.65. The firm has a fifty day moving average of $146.29 and a 200 day moving average of $137.36.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The firm had revenue of $5.22 billion during the quarter, compared to analysts' expectations of $5.15 billion. During the same period in the previous year, the company earned $3.22 earnings per share. The firm's quarterly revenue was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Institutional Trading of Tenet Healthcare

Hedge funds have recently bought and sold shares of the company. US Bancorp DE increased its position in shares of Tenet Healthcare by 0.8% during the 1st quarter. US Bancorp DE now owns 8,620 shares of the company's stock valued at $1,159,000 after purchasing an additional 68 shares during the last quarter. Lindbrook Capital LLC grew its position in Tenet Healthcare by 5.3% during the first quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock valued at $192,000 after buying an additional 72 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Tenet Healthcare by 9.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company's stock valued at $119,000 after buying an additional 80 shares during the last quarter. Covestor Ltd boosted its stake in shares of Tenet Healthcare by 10.4% during the 1st quarter. Covestor Ltd now owns 873 shares of the company's stock worth $117,000 after acquiring an additional 82 shares during the last quarter. Finally, GeoWealth Management LLC increased its stake in shares of Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

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.