Tenet Healthcare Corporation (THC) Trading Up -2.3%
Shares of Tenet Healthcare Corporation (NYSE:THC) shot up 2.3% during mid-day trading on Friday . The stock traded as high as $17.56 and last traded at $16.76. 2,553,129 shares were traded during mid-day trading, a decline of 41% from the average session volume of 4,326,860 shares. The stock had previously closed at $17.16.
Several research firms have issued reports on THC. Zacks Investment Research upgraded Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective on the stock in a research note on Monday, July 10th. Wells Fargo & Company upgraded Tenet Healthcare Corporation from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Tuesday, June 6th. Citigroup Inc. restated a “neutral” rating and issued a $16.00 price objective (down previously from $20.00) on shares of Tenet Healthcare Corporation in a research note on Thursday, August 10th. Deutsche Bank AG restated a “buy” rating and issued a $24.00 price objective (down previously from $28.00) on shares of Tenet Healthcare Corporation in a research note on Thursday, August 10th. Finally, Robert W. Baird restated an “outperform” rating and issued a $23.00 price objective on shares of Tenet Healthcare Corporation in a research note on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Tenet Healthcare Corporation has an average rating of “Hold” and a consensus target price of $21.43.
The stock has a 50 day moving average price of $16.08 and a 200 day moving average price of $17.53. The company’s market cap is $1.69 billion.
Tenet Healthcare Corporation (NYSE:THC) last issued its earnings results on Monday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.17). Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. The business had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 204.1% compared to the same quarter last year. On average, analysts forecast that Tenet Healthcare Corporation will post $0.82 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA increased its holdings in shares of Tenet Healthcare Corporation by 34.6% in the second quarter. BNP Paribas Arbitrage SA now owns 66,690 shares of the company’s stock worth $1,290,000 after purchasing an additional 17,151 shares during the period. Private Management Group Inc. increased its holdings in shares of Tenet Healthcare Corporation by 1.2% in the second quarter. Private Management Group Inc. now owns 813,918 shares of the company’s stock worth $15,741,000 after purchasing an additional 9,386 shares during the period. MARSHALL WACE ASIA Ltd bought a new position in shares of Tenet Healthcare Corporation in the first quarter worth $3,634,000. North Tide Capital LLC bought a new position in shares of Tenet Healthcare Corporation in the first quarter worth $35,420,000. Finally, Zweig DiMenna Associates LLC bought a new position in shares of Tenet Healthcare Corporation in the second quarter worth $8,831,000.
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Tenet Healthcare Corporation 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’s segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children’s hospitals, two specialty hospitals and one critical access hospital.
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