Tenet Healthcare Corp. (THC) Shares Gap Up on Insider Buying Activity
Tenet Healthcare Corp. (NYSE:THC)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $17.85, but opened at $16.40. Tenet Healthcare Corp. shares last traded at $16.46, with a volume of 1,912,670 shares.
Specifically, Director Ronald A. Rittenmeyer purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The shares were purchased at an average cost of $14.35 per share, with a total value of $215,250.00. Following the completion of the transaction, the director now owns 23,783 shares of the company’s stock, valued at $341,286.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter M. Wilver purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were acquired 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 disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.
THC has been the topic of several recent analyst reports. Barclays PLC reissued a “buy” rating and set a $39.00 price target on shares of Tenet Healthcare Corp. in a research report on Friday, August 19th. Zacks Investment Research raised Tenet Healthcare Corp. from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Tuesday, October 4th. TheStreet lowered Tenet Healthcare Corp. from a “hold” rating to a “sell” rating in a research report on Friday, October 7th. Mizuho dropped their target price on Tenet Healthcare Corp. from $28.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 5th. Finally, Wolfe Research started coverage on Tenet Healthcare Corp. in a research report on Tuesday, October 25th. They issued a “market perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Tenet Healthcare Corp. currently has a consensus rating of “Hold” and a consensus price target of $31.57.
The company’s 50-day moving average is $20.61 and its 200-day moving average is $25.64. The stock’s market capitalization is $1.64 billion.
Tenet Healthcare Corp. (NYSE:THC) last released its earnings results on Monday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by $0.01. The company earned $4.85 billion during 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%. Tenet Healthcare Corp.’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 EPS. Equities analysts expect that Tenet Healthcare Corp. will post $1.19 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Bridger Management LLC bought a new stake in Tenet Healthcare Corp. during the first quarter worth about $25,113,000. Harris Associates L P increased its stake in Tenet Healthcare Corp. by 0.7% in the second quarter. Harris Associates L P now owns 8,333,793 shares of the company’s stock worth $230,346,000 after buying an additional 60,200 shares in the last quarter. Nomura Holdings Inc. increased its stake in Tenet Healthcare Corp. by 26.3% in the second quarter. Nomura Holdings Inc. now owns 10,355 shares of the company’s stock worth $286,000 after buying an additional 2,157 shares in the last quarter. Geode Capital Management LLC increased its stake in Tenet Healthcare Corp. by 1.1% in the first quarter. Geode Capital Management LLC now owns 793,231 shares of the company’s stock worth $22,910,000 after buying an additional 8,677 shares in the last quarter. Finally, Winslow Asset Management Inc. increased its stake in Tenet Healthcare Corp. by 0.9% in the second quarter. Winslow Asset Management Inc. now owns 225,850 shares of the company’s stock worth $6,242,000 after buying an additional 1,976 shares in 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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