Insider Selling: Tenet Healthcare (NYSE:THC) EVP Sells 10,878 Shares

Tenet Healthcare Corporation (NYSE:THC) EVP Paola Arbour sold 10,878 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $243.90, for a total transaction of $2,653,144.20. Following the transaction, the executive vice president owned 18,413 shares of the company’s stock, valued at approximately $4,490,930.70. This represents a 37.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Tenet Healthcare Stock Up 7.8%

Shares of NYSE:THC traded up $19.00 during midday trading on Tuesday, reaching $262.36. The company had a trading volume of 1,831,275 shares, compared to its average volume of 1,409,805. The business’s 50 day moving average price is $187.59 and its 200 day moving average price is $198.22. Tenet Healthcare Corporation has a 1-year low of $155.02 and a 1-year high of $262.68. The company has a quick ratio of 1.35, a current ratio of 1.41 and a debt-to-equity ratio of 2.00. The stock has a market cap of $22.60 billion, a PE ratio of 10.12, a P/E/G ratio of 1.37 and a beta of 1.27.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Friday, July 24th. The company reported $6.12 earnings per share for the quarter, beating analysts’ consensus estimates of $4.26 by $1.86. The firm had revenue of $6.04 billion during the quarter, compared to the consensus estimate of $5.43 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The business’s revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $4.02 earnings per share. Research analysts forecast that Tenet Healthcare Corporation will post 20.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its position in Tenet Healthcare by 6.1% during the 1st quarter. NewEdge Advisors LLC now owns 2,890 shares of the company’s stock worth $389,000 after buying an additional 166 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Tenet Healthcare by 299.1% in the first quarter. Jones Financial Companies Lllp now owns 1,700 shares of the company’s stock valued at $229,000 after acquiring an additional 1,274 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Tenet Healthcare during the second quarter worth about $290,000. Quantbot Technologies LP acquired a new stake in Tenet Healthcare in the 2nd quarter worth about $65,000. Finally, Amundi grew its position in shares of Tenet Healthcare by 4,207.8% during the 2nd quarter. Amundi now owns 27,010 shares of the company’s stock worth $4,652,000 after purchasing an additional 26,383 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Sunday. TD Cowen lifted their target price on Tenet Healthcare from $233.00 to $263.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company boosted their target price on Tenet Healthcare from $213.00 to $231.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Truist Financial raised their price target on Tenet Healthcare from $270.00 to $290.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Raymond James Financial set a $270.00 price objective on shares of Tenet Healthcare in a report on Monday. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $264.45.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.