Tenet Healthcare Corporation (THC) Shares Gap Down on Analyst Downgrade

Tenet Healthcare Corporation (NYSE:THC)’s share price gapped down prior to trading on Wednesday after Credit Suisse Group lowered their price target on the stock from $20.00 to $17.00. The stock had previously closed at $12.96, but opened at $14.28. Credit Suisse Group currently has a neutral rating on the stock. Tenet Healthcare Corporation shares last traded at $13.72, with a volume of 6,328,900 shares changing hands.

Other equities analysts also recently issued reports about the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $26.00 target price (down from $28.00) on shares of Tenet Healthcare Corporation in a research report on Saturday, April 29th. Wells Fargo & Company raised Tenet Healthcare Corporation from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Tuesday, June 6th. Zacks Investment Research raised Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a research report on Monday, July 10th. Leerink Swann raised Tenet Healthcare Corporation from a “market perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research report on Tuesday, June 6th. Finally, Morgan Stanley assumed coverage on Tenet Healthcare Corporation in a research report on Tuesday, June 6th. They issued an “equal weight” rating and a $19.00 target price for the company. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Tenet Healthcare Corporation has an average rating of “Hold” and an average price target of $23.20.

Institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Tenet Healthcare Corporation by 24.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 17,144 shares of the company’s stock valued at $474,000 after buying an additional 3,383 shares during the last quarter. Synovus Financial Corp boosted its stake in Tenet Healthcare Corporation by 22.3% in the second quarter. Synovus Financial Corp now owns 27,526 shares of the company’s stock valued at $535,000 after buying an additional 5,022 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Tenet Healthcare Corporation by 0.6% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,737 shares of the company’s stock valued at $227,000 after buying an additional 73 shares during the last quarter. Private Management Group Inc. boosted its stake in Tenet Healthcare Corporation by 1.2% in the second quarter. Private Management Group Inc. now owns 813,918 shares of the company’s stock valued at $15,741,000 after buying an additional 9,386 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Tenet Healthcare Corporation by 2.9% in the second quarter. Swiss National Bank now owns 168,300 shares of the company’s stock valued at $3,255,000 after buying an additional 4,700 shares during the last quarter.

The firm’s market capitalization is $1.36 billion. The firm has a 50 day moving average of $18.46 and a 200-day moving average of $18.10. Tenet Healthcare Corporation also saw some unusual options trading on Monday. Stock investors purchased 14,690 put options on the stock. This represents an increase of 974% compared to the typical daily volume of 1,368 put options.

Tenet Healthcare Corporation (NYSE:THC) last issued its quarterly earnings results on Monday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.17). Tenet Healthcare Corporation had a negative return on equity of 1.98% and a negative net margin of 0.97%. The company had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period last year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was up 204.1% on a year-over-year basis. On average, equities analysts forecast that Tenet Healthcare Corporation will post $1.12 EPS for the current year.

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About Tenet Healthcare Corporation

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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