Tenet Healthcare (NYSE:THC) Shares Gap Up – What’s Next?

Tenet Healthcare Co. (NYSE:THC) shares gapped up before the market opened on Tuesday . The stock had previously closed at $129.49, but opened at $132.81. Tenet Healthcare shares last traded at $133.32, with a volume of 231,453 shares.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. KeyCorp decreased their target price on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Truist Financial decreased their price objective on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group cut shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and cut their target price for the stock from $196.00 to $140.00 in a research report on Monday, December 16th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 price objective on shares of Tenet Healthcare in a research note on Thursday, February 13th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $163.88.

Tenet Healthcare Stock Performance

The stock’s 50 day moving average price is $132.22 and its 200 day moving average price is $142.92. 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 firm has a market cap of $12.47 billion, a PE ratio of 4.07, a P/E/G ratio of 1.02 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) 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 15.48% and a return on equity of 21.88%. As a group, equities analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Insider Activity

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. This represents a 25.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently modified their holdings of the stock. New Wave Wealth Advisors LLC acquired a new stake in Tenet Healthcare during the fourth quarter valued at approximately $343,000. Swedbank AB lifted its stake in Tenet Healthcare by 100.0% during the fourth quarter. Swedbank AB now owns 40,000 shares of the company’s stock worth $5,049,000 after purchasing an additional 20,000 shares during the last quarter. Signet Financial Management LLC bought a new stake in Tenet Healthcare during the fourth quarter valued at $1,526,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Tenet Healthcare during the fourth quarter worth $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Tenet Healthcare in the 4th quarter valued at about $5,892,000. 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.