Tenet Healthcare (NYSE:THC) Stock Price Down 7.1% – Here’s Why

Tenet Healthcare Co. (NYSE:THC) shares fell 7.1% during mid-day trading on Friday . The stock traded as low as $117.00 and last traded at $121.20. 427,692 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 1,324,976 shares. The stock had previously closed at $130.48.

Analysts Set New Price Targets

Several research firms have commented on THC. Barclays decreased their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. TD Cowen initiated coverage on Tenet Healthcare in a report on Wednesday. They issued a “buy” rating and a $175.00 price objective on the stock. KeyCorp dropped their target price on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $177.00 price target on shares of Tenet Healthcare in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group cut shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and cut their target price for the stock from $196.00 to $140.00 in a report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $163.88.

Tenet Healthcare Price Performance

The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. The stock has a market cap of $12.04 billion, a P/E ratio of 3.93, a price-to-earnings-growth ratio of 1.02 and a beta of 2.05. The firm has a 50-day moving average price of $133.09 and a 200-day moving average price of $147.25.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. On average, analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Plato Investment Management Ltd bought a new position in Tenet Healthcare in the 3rd quarter worth $28,000. True Wealth Design LLC bought a new position in shares of Tenet Healthcare in the third quarter worth about $38,000. Colonial Trust Co SC grew its stake in shares of Tenet Healthcare by 85.7% during the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock valued at $31,000 after acquiring an additional 114 shares during the period. GeoWealth Management LLC increased its holdings in Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock worth $37,000 after acquiring an additional 84 shares in the last quarter. Finally, WR Wealth Planners LLC lifted its holdings in Tenet Healthcare by 2,836.4% during the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock valued at $41,000 after purchasing an additional 312 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Company Profile

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.