An issue of Tenet Healthcare Corporation (NYSE:THC) debt rose 1.2% as a percentage of its face value during trading on Monday. The debt issue has a 6% coupon and is set to mature on October 1, 2020. The debt is now trading at $107.33 and was trading at $107.25 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
THC has been the subject of several recent research reports. Zacks Investment Research raised shares of Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 price target for the company in a research report on Monday, July 10th. Credit Suisse Group raised their price objective on shares of Tenet Healthcare Corporation from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, May 15th. ValuEngine lowered shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Mizuho restated a “neutral” rating and issued a $18.00 price objective on shares of Tenet Healthcare Corporation in a report on Sunday, April 23rd. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $25.00 price objective on shares of Tenet Healthcare Corporation in a report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Tenet Healthcare Corporation presently has a consensus rating of “Hold” and a consensus price target of $22.67.
Shares of Tenet Healthcare Corporation (THC) traded down 7.26% during mid-day trading on Monday, hitting $13.03. 8,634,052 shares of the stock traded hands. The stock’s market cap is $1.31 billion. Tenet Healthcare Corporation has a 12-month low of $12.98 and a 12-month high of $25.69. The firm’s 50 day moving average price is $18.05 and its 200-day moving average price is $17.99.
Tenet Healthcare Corporation (NYSE:THC) last released its earnings results on Monday, August 7th. The company reported ($0.17) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.17). The firm had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. Tenet Healthcare Corporation’s quarterly revenue was up 204.1% on a year-over-year basis. During the same quarter last year, the company earned $0.38 EPS. Analysts predict that Tenet Healthcare Corporation will post $0.82 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in THC. FNY Managed Accounts LLC bought a new position in Tenet Healthcare Corporation during the first quarter valued at approximately $109,000. PNC Financial Services Group Inc. boosted its position in Tenet Healthcare Corporation by 52.1% in the first quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock valued at $117,000 after buying an additional 2,266 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Tenet Healthcare Corporation by 57.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 7,100 shares of the company’s stock valued at $126,000 after buying an additional 2,590 shares during the last quarter. Riverhead Capital Management LLC boosted its position in Tenet Healthcare Corporation by 67.3% in the second quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock valued at $152,000 after buying an additional 3,161 shares during the last quarter. Finally, Flinton Capital Management LLC boosted its position in Tenet Healthcare Corporation by 65.7% in the second quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock valued at $153,000 after buying an additional 3,128 shares during the last quarter.
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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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