Tenet Healthcare Corp. (THC) Bonds Trading 5.6% Lower
An issue of Tenet Healthcare Corp. (NYSE:THC) bonds fell 5.6% against their face value during trading on Thursday. The high-yield issue of debt has a 8.125% coupon and is set to mature on April 1, 2022. The bonds in the issue are now trading at $93.40 and were trading at $97.63 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.
Several research firms recently commented on THC. Zacks Investment Research cut Tenet Healthcare Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 19th. Morgan Stanley reissued a “hold” rating and set a $38.00 target price on shares of Tenet Healthcare Corp. in a research note on Tuesday, August 2nd. Mizuho reissued a “neutral” rating and set a $28.00 target price (down from $33.00) on shares of Tenet Healthcare Corp. in a research note on Tuesday, August 2nd. Citigroup Inc. lowered their target price on Tenet Healthcare Corp. from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Thursday, August 4th. Finally, Leerink Swann reaffirmed a “market perform” rating and set a $28.00 price target (down from $30.00) on shares of Tenet Healthcare Corp. in a report on Sunday, September 4th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. Tenet Healthcare Corp. has an average rating of “Hold” and a consensus price target of $31.57.
Tenet Healthcare Corp. (NYSE:THC) opened at 14.55 on Friday. The firm’s market cap is $1.43 billion. The firm’s 50-day moving average price is $20.90 and its 200 day moving average price is $25.96. Tenet Healthcare Corp. has a 52-week low of $14.06 and a 52-week high of $35.35.
Tenet Healthcare Corp. (NYSE:THC) last announced its earnings results on Monday, October 31st. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by $0.01. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $2.28 billion. Tenet Healthcare Corp. had a negative net margin of 1.04% and a positive return on equity of 12.75%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, equities analysts anticipate that Tenet Healthcare Corp. will post $1.19 earnings per share for the current year.
In other news, Director Peter M. Wilver purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The stock was acquired 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 owns 5,000 shares of the company’s stock, valued at $75,950. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its position in Tenet Healthcare Corp. by 222.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,647 shares of the company’s stock worth $101,000 after buying an additional 2,515 shares during the period. US Bancorp DE increased its position in Tenet Healthcare Corp. by 0.9% in the second quarter. US Bancorp DE now owns 3,879 shares of the company’s stock worth $107,000 after buying an additional 33 shares during the period. Emerald Acquisition Ltd. purchased a new position in Tenet Healthcare Corp. during the second quarter worth approximately $142,000. Creative Planning increased its position in Tenet Healthcare Corp. by 618.0% in the third quarter. Creative Planning now owns 6,354 shares of the company’s stock worth $144,000 after buying an additional 5,469 shares during the period. Finally, Acadian Asset Management LLC increased its position in Tenet Healthcare Corp. by 1,534.5% in the second quarter. Acadian Asset Management LLC now owns 6,211 shares of the company’s stock worth $171,000 after buying an additional 5,831 shares during the period.
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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