Tenet Healthcare Corp. (THC) Bond Prices Fall 5.6%
An issue of Tenet Healthcare Corp. (NYSE:THC) debt fell 5.6% as a percentage of its face value during trading on Wednesday. The debt issue has a 8.125% coupon and is set to mature on April 1, 2022. The debt is now trading at $93.40 and was trading at $97.63 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.
THC has been the subject of several recent analyst reports. Wolfe Research initiated coverage on Tenet Healthcare Corp. in a research report on Tuesday, October 25th. They issued a “market perform” rating for the company. Leerink Swann reissued a “market perform” rating and issued a $28.00 target price (down previously from $30.00) on shares of Tenet Healthcare Corp. in a research report on Sunday, September 4th. Mizuho decreased their target price on Tenet Healthcare Corp. from $28.00 to $22.00 and set a “neutral” rating for the company in a research report on Wednesday, October 5th. Barclays PLC reissued a “buy” rating and issued a $39.00 target price on shares of Tenet Healthcare Corp. in a research report on Friday, August 19th. Finally, TheStreet lowered Tenet Healthcare Corp. from a “hold” rating to a “sell” rating in a research report on Friday, October 7th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $31.57.
Tenet Healthcare Corp. (NYSE:THC) opened at 14.51 on Friday. The company’s market capitalization is $1.43 billion. The firm has a 50-day moving average price of $21.11 and a 200 day moving average price of $26.09. Tenet Healthcare Corp. has a 1-year low of $14.46 and a 1-year high of $35.35.
Tenet Healthcare Corp. (NYSE:THC) last announced its quarterly earnings data on Monday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by $0.01. Tenet Healthcare Corp. had a positive return on equity of 12.75% and a negative net margin of 1.04%. The firm earned $4.85 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities analysts predict that Tenet Healthcare Corp. will post $1.19 EPS for the current year.
In other news, Director Peter M. Wilver acquired 5,000 shares of Tenet Healthcare Corp. stock in a transaction dated Wednesday, November 9th. The stock was purchased at an average cost of $15.19 per share, for a total transaction of $75,950.00. Following the completion of the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $75,950. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in THC. BlackRock Advisors LLC boosted its position in shares of Tenet Healthcare Corp. by 86.2% in the third quarter. BlackRock Advisors LLC now owns 4,567,713 shares of the company’s stock valued at $103,504,000 after buying an additional 2,114,791 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Tenet Healthcare Corp. by 94.3% in the second quarter. BlackRock Fund Advisors now owns 3,611,528 shares of the company’s stock valued at $99,823,000 after buying an additional 1,753,061 shares during the last quarter. Bridger Management LLC purchased a new position in shares of Tenet Healthcare Corp. during the first quarter valued at about $25,113,000. BlackRock Group LTD boosted its position in shares of Tenet Healthcare Corp. by 71.8% in the third quarter. BlackRock Group LTD now owns 1,877,045 shares of the company’s stock valued at $42,533,000 after buying an additional 784,764 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. boosted its position in shares of Tenet Healthcare Corp. by 164.2% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 824,233 shares of the company’s stock valued at $22,781,000 after buying an additional 512,212 shares during the last quarter.
About Tenet Healthcare Corp.
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer.
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