Tenet Healthcare Corp. (THC) Bonds Drop 1.5% During Trading
An issue of Tenet Healthcare Corp. (NYSE:THC) debt fell 1.5% against its face value during trading on Wednesday. The high-yield debt issue has a 5% coupon and is set to mature on March 1, 2019. The bonds in the issue are now trading at $94.00 and were trading at $98.25 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.
Several equities analysts recently issued reports on the company. Morgan Stanley reaffirmed a “hold” rating and issued a $38.00 price objective on shares of Tenet Healthcare Corp. in a research report on Tuesday, August 2nd. Mizuho reaffirmed a “neutral” rating and issued a $28.00 price objective (down from $33.00) on shares of Tenet Healthcare Corp. in a research report on Tuesday, August 2nd. Zacks Investment Research cut Tenet Healthcare Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 19th. Citigroup Inc. lowered their price objective on Tenet Healthcare Corp. from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Thursday, August 4th. Finally, Bank of America Corp. cut Tenet Healthcare Corp. from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $32.00 to $25.00 in a research report on Wednesday, November 9th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. Tenet Healthcare Corp. has a consensus rating of “Hold” and an average target price of $31.57.
Shares of Tenet Healthcare Corp. (NYSE:THC) traded down 0.48% during midday trading on Wednesday, reaching $16.42. The company’s stock had a trading volume of 3,183,589 shares. The firm’s market capitalization is $1.64 billion. The stock has a 50-day moving average of $20.61 and a 200 day moving average of $25.64. Tenet Healthcare Corp. has a 12-month low of $14.06 and a 12-month high of $35.35.
Tenet Healthcare Corp. (NYSE:THC) last posted its quarterly earnings data on Monday, October 31st. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the firm posted $0.29 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts predict that Tenet Healthcare Corp. will post $1.19 EPS for the current fiscal year.
In other Tenet Healthcare Corp. news, Director Peter M. Wilver bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The stock was bought at an average cost of $15.19 per share, for a total transaction of $75,950.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $75,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald A. Rittenmeyer bought 15,000 shares of the firm’s stock in a transaction that occurred on Friday, November 11th. The shares were acquired at an average price of $14.35 per share, with a total value of $215,250.00. Following the completion of the transaction, the director now directly owns 23,783 shares of the company’s stock, valued at $341,286.05. The disclosure for this purchase can be found here. Insiders own 2.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 in the last quarter. 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 in the last quarter. Emerald Acquisition Ltd. acquired a new position in Tenet Healthcare Corp. during the second quarter worth about $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 in the last quarter. 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 in the last quarter.
Tenet Healthcare Corp. Company Profile
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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