Tenet Healthcare Co. (NYSE:THC) Short Interest Down 19.2% in October

Tenet Healthcare Co. (NYSE:THC) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 2,400,000 shares, a drop of 19.2% from the September 30th total of 2,970,000 shares. Currently, 2.6% of the shares of the company are sold short. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is presently 2.2 days.

Insider Buying and Selling

In related news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of large investors have recently bought and sold shares of THC. Innealta Capital LLC bought a new position in Tenet Healthcare in the second quarter worth approximately $28,000. ORG Wealth Partners LLC acquired a new position in shares of Tenet Healthcare during the third quarter worth $30,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare during the second quarter worth $31,000. Blue Trust Inc. increased its position in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Tenet Healthcare during the second quarter worth $34,000. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Up 16.7 %

Shares of NYSE:THC opened at $162.82 on Wednesday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The firm has a market capitalization of $15.60 billion, a PE ratio of 5.97, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14. The business has a 50 day simple moving average of $159.66 and a two-hundred day simple moving average of $141.48. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.44 earnings per share. On average, equities analysts predict that Tenet Healthcare will post 10.72 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on THC shares. Truist Financial lifted their target price on Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Barclays lifted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Wells Fargo & Company lifted their target price on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Citigroup lifted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, UBS Group lifted their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $157.24.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.