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

Shares of Tenet Healthcare Co. (NYSE:THCGet Free Report) traded down 5% during trading on Wednesday . The company traded as low as $128.52 and last traded at $131.88. 774,260 shares were traded during trading, a decline of 24% from the average session volume of 1,023,463 shares. The stock had previously closed at $138.83.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. The Goldman Sachs Group downgraded shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $196.00 to $140.00 in a report on Monday, December 16th. StockNews.com cut shares of Tenet Healthcare from a “buy” rating to a “hold” rating in a report on Thursday. Raymond James downgraded Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price on the stock. in a research report on Friday, November 22nd. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company cut Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $205.00 to $150.00 in a research report on Monday, November 25th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.19.

Check Out Our Latest Research Report on THC

Tenet Healthcare Stock Performance

The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The company has a market cap of $12.65 billion, a P/E ratio of 4.26, a price-to-earnings-growth ratio of 0.63 and a beta of 2.05. The company has a 50 day moving average price of $133.43 and a 200-day moving average price of $148.26.

Tenet Healthcare (NYSE:THCGet Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. On average, equities analysts expect that Tenet Healthcare Co. will post 11.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenet Healthcare

A number of institutional investors have recently made changes to their positions in the stock. Coldstream Capital Management Inc. boosted its holdings in Tenet Healthcare by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock valued at $566,000 after acquiring an additional 74 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Tenet Healthcare by 9.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company’s stock valued at $119,000 after purchasing an additional 80 shares during the last quarter. GeoWealth Management LLC raised its stake in Tenet Healthcare by 39.8% during the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock worth $37,000 after buying an additional 84 shares during the last quarter. Spire Wealth Management lifted its holdings in Tenet Healthcare by 19.5% in the fourth quarter. Spire Wealth Management now owns 558 shares of the company’s stock valued at $70,000 after buying an additional 91 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in Tenet Healthcare by 1.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company’s stock worth $732,000 after acquiring an additional 92 shares during the period. Institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

(Get Free Report)

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.

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