Tenet Healthcare (NYSE:THC) Shares Gap Up – Time to Buy?

Shares of Tenet Healthcare Co. (NYSE:THC) gapped up before the market opened on Thursday . The stock had previously closed at $120.44, but opened at $124.45. Tenet Healthcare shares last traded at $123.30, with a volume of 169,185 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on THC shares. Baird R W lowered shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a report on Tuesday. StockNews.com raised shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. Morgan Stanley assumed coverage on Tenet Healthcare in a report on Wednesday, March 26th. They issued an “overweight” rating and a $165.00 price target on the stock. Truist Financial cut their target price on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Robert W. Baird restated a “neutral” rating and issued a $137.00 price objective (down from $153.00) on shares of Tenet Healthcare in a report on Tuesday. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Moderate Buy” and an average target price of $165.44.

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 firm has a market capitalization of $11.58 billion, a P/E ratio of 3.78, a P/E/G ratio of 1.02 and a beta of 1.77. The stock has a 50 day moving average of $128.58 and a two-hundred day moving average of $138.90.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Sell-side analysts predict that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Insider Activity

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. This trade represents a 25.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ritholtz Wealth Management grew its holdings in Tenet Healthcare by 4.8% during the first quarter. Ritholtz Wealth Management now owns 17,362 shares of the company’s stock valued at $2,335,000 after purchasing an additional 800 shares during the period. Polianta Ltd bought a new position in Tenet Healthcare during the first quarter worth about $1,237,000. Fifth Third Bancorp raised its position in shares of Tenet Healthcare by 18.7% during the first quarter. Fifth Third Bancorp now owns 1,105 shares of the company’s stock worth $149,000 after purchasing an additional 174 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Tenet Healthcare by 28.1% during the 1st quarter. GAMMA Investing LLC now owns 1,430 shares of the company’s stock valued at $192,000 after purchasing an additional 314 shares in the last quarter. Finally, Signet Financial Management LLC boosted its stake in Tenet Healthcare by 23.2% in the 1st quarter. Signet Financial Management LLC now owns 14,891 shares of the company’s stock worth $2,003,000 after purchasing an additional 2,805 shares during the period. 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.