Tenet Healthcare (NYSE:THC) Stock Price Down 5% – Here’s What Happened

Tenet Healthcare Co. (NYSE:THC) dropped 5% on Wednesday . The company traded as low as $128.52 and last traded at $131.88. Approximately 774,260 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 1,023,463 shares. The stock had previously closed at $138.83.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Barclays lifted their target price on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. UBS Group upped their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. Cantor Fitzgerald lifted their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, KeyCorp decreased their target price on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $165.00.

Tenet Healthcare Price Performance

The firm’s fifty day simple moving average is $133.85 and its two-hundred day simple moving average is $148.52. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The firm has a market cap of $12.16 billion, a PE ratio of 4.10, a P/E/G ratio of 0.63 and a beta of 2.05.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. As a group, research analysts expect that Tenet Healthcare Co. will post 11.37 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Coldstream Capital Management Inc. grew its stake in Tenet Healthcare by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after purchasing an additional 74 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Tenet Healthcare by 9.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company’s stock valued at $119,000 after buying an additional 80 shares in the last quarter. Spire Wealth Management lifted its stake in shares of Tenet Healthcare by 19.5% during the fourth quarter. Spire Wealth Management now owns 558 shares of the company’s stock worth $70,000 after buying an additional 91 shares during the period. Optas LLC grew its stake in Tenet Healthcare by 3.4% during the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after purchasing an additional 93 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after buying an additional 94 shares during the period. 95.44% of the stock is currently owned by institutional investors.

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.