Tenet Healthcare (THC) Shares Down 6.6%

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Tenet Healthcare Corp (NYSE:THC)’s share price fell 6.6% on Thursday . The stock traded as low as $21.05 and last traded at $21.34. 73,696 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 1,797,256 shares. The stock had previously closed at $22.86.

Several research firms have recently weighed in on THC. Raymond James lifted their price objective on Tenet Healthcare from $37.00 to $47.00 in a research note on Wednesday, February 27th. Bank of America reaffirmed a “neutral” rating and issued a $30.00 price objective (up from $21.00) on shares of Tenet Healthcare in a research note on Tuesday, February 26th. Citigroup lifted their price objective on Tenet Healthcare from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 27th. ValuEngine lowered Tenet Healthcare from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Barclays set a $24.00 price objective on Tenet Healthcare and gave the company a “hold” rating in a research note on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.07.

The stock has a market capitalization of $2.27 billion, a P/E ratio of 11.83, a P/E/G ratio of 0.42 and a beta of 1.68. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 21.98.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Monday, April 29th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.29 by $0.25. The firm had revenue of $4.55 billion for the quarter, compared to analyst estimates of $4.51 billion. Tenet Healthcare had a positive return on equity of 29.29% and a negative net margin of 0.04%. Tenet Healthcare’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. As a group, research analysts anticipate that Tenet Healthcare Corp will post 2.32 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund lifted its holdings in shares of Tenet Healthcare by 1,653.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 565,569 shares of the company’s stock valued at $33,000 after purchasing an additional 533,313 shares during the last quarter. Enlightenment Research LLC acquired a new position in Tenet Healthcare during the fourth quarter valued at $36,000. PNC Financial Services Group Inc. raised its position in Tenet Healthcare by 101.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,351 shares of the company’s stock valued at $38,000 after buying an additional 682 shares during the period. Pearl River Capital LLC acquired a new position in Tenet Healthcare during the fourth quarter valued at $41,000. Finally, Financial Gravity Wealth Inc. acquired a new position in Tenet Healthcare during the first quarter valued at $51,000.

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Tenet Healthcare Company Profile (NYSE:THC)

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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