Tenet Healthcare Corp. (THC) Bonds Trading 0.3% Lower
An issue of Tenet Healthcare Corp. (NYSE:THC) debt fell 0.3% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 6.75% coupon and will mature on June 15, 2023. The bonds in the issue are now trading at $88.50 and were trading at $88.88 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
A number of equities research analysts have recently weighed in on THC shares. Wolfe Research initiated coverage on shares of Tenet Healthcare Corp. in a report on Tuesday, October 25th. They issued a “market perform” rating for the company. Leerink Swann reaffirmed a “market perform” rating and issued a $28.00 target price (down from $30.00) on shares of Tenet Healthcare Corp. in a research note on Sunday, September 4th. Mizuho decreased their target price on shares of Tenet Healthcare Corp. from $28.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 5th. TheStreet downgraded shares of Tenet Healthcare Corp. from a “hold” rating to a “sell” rating in a research note on Friday, October 7th. Finally, Barclays PLC reaffirmed a “buy” rating and issued a $39.00 target price on shares of Tenet Healthcare Corp. in a research note on Friday, August 19th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $30.69.
Shares of Tenet Healthcare Corp. (NYSE:THC) traded down 4.99% during trading on Monday, reaching $15.41. 2,567,494 shares of the company were exchanged. The firm’s 50 day moving average is $19.38 and its 200 day moving average is $24.75. Tenet Healthcare Corp. has a 1-year low of $14.06 and a 1-year high of $35.35. The firm’s market capitalization is $1.54 billion.
Tenet Healthcare Corp. (NYSE:THC) last released its earnings results on Monday, October 31st. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates 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 business 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 EPS. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that Tenet Healthcare Corp. will post $1.21 EPS for the current fiscal year.
In other Tenet Healthcare Corp. news, Director Peter M. Wilver bought 5,000 shares of Tenet Healthcare Corp. stock in a transaction on Wednesday, November 9th. The shares were acquired at an average price 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ronald A. Rittenmeyer bought 15,000 shares of Tenet Healthcare Corp. stock in a transaction on Friday, November 11th. The stock was acquired at an average price of $14.35 per share, for a total transaction of $215,250.00. Following the purchase, the director now owns 23,783 shares of the company’s stock, valued at $341,286.05. The disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake 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 last quarter. Synovus Financial Corp raised its stake in Tenet Healthcare Corp. by 0.5% in the second quarter. Synovus Financial Corp now owns 31,753 shares of the company’s stock worth $878,000 after buying an additional 150 shares during the last quarter. Spark Investment Management LLC raised its stake in Tenet Healthcare Corp. by 0.6% in the third quarter. Spark Investment Management LLC now owns 35,200 shares of the company’s stock worth $797,000 after buying an additional 200 shares during the last quarter. BB&T Securities LLC raised its stake in Tenet Healthcare Corp. by 0.7% in the third quarter. BB&T Securities LLC now owns 41,960 shares of the company’s stock worth $950,000 after buying an additional 297 shares during the last quarter. Finally, M&T Bank Corp raised its stake in Tenet Healthcare Corp. by 1.1% in the second quarter. M&T Bank Corp now owns 27,836 shares of the company’s stock worth $769,000 after buying an additional 315 shares during the last quarter.
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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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