Tenet Healthcare (THC) Shares Gap Down to $15.03

Shares of Tenet Healthcare Corp (NYSE:THC) gapped down before the market opened on Thursday . The stock had previously closed at $15.38, but opened at $15.03. Tenet Healthcare shares last traded at $14.62, with a volume of 3354100 shares.

THC has been the topic of several analyst reports. Mizuho reaffirmed a “neutral” rating and set a $14.00 target price on shares of Tenet Healthcare in a report on Thursday, September 14th. J P Morgan Chase & Co lowered Tenet Healthcare from a “neutral” rating to an “underweight” rating and set a $15.00 target price on the stock. in a report on Thursday, December 14th. Jefferies Group reaffirmed a “buy” rating and set a $24.00 target price on shares of Tenet Healthcare in a report on Thursday, September 21st. Royal Bank of Canada dropped their target price on Tenet Healthcare from $19.00 to $17.00 and set a “sector perform” rating on the stock in a report on Monday, November 13th. Finally, Deutsche Bank reaffirmed a “buy” rating and set a $24.00 target price on shares of Tenet Healthcare in a report on Friday, September 1st. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $18.93.

The company has a current ratio of 1.28, a quick ratio of 1.21 and a debt-to-equity ratio of 21.21.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Monday, November 6th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.23. Tenet Healthcare had a negative return on equity of 5.61% and a negative net margin of 2.85%. The company had revenue of $4.59 billion for the quarter, compared to analyst estimates of $4.94 billion. During the same period last year, the company earned $0.16 earnings per share. Tenet Healthcare’s quarterly revenue was down 5.4% compared to the same quarter last year. equities research analysts forecast that Tenet Healthcare Corp will post 0.69 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of THC. Public Employees Retirement System of Ohio boosted its stake in shares of Tenet Healthcare by 86.7% in the third quarter. Public Employees Retirement System of Ohio now owns 34,465 shares of the company’s stock worth $566,000 after acquiring an additional 16,000 shares during the last quarter. Sterling Capital Management LLC acquired a new stake in shares of Tenet Healthcare in the third quarter worth approximately $227,000. Scoggin Management LP acquired a new stake in shares of Tenet Healthcare in the third quarter worth approximately $657,000. California Public Employees Retirement System boosted its stake in shares of Tenet Healthcare by 14.4% in the third quarter. California Public Employees Retirement System now owns 909,117 shares of the company’s stock worth $14,937,000 after acquiring an additional 114,407 shares during the last quarter. Finally, Davidson Kempner Capital Management LP boosted its stake in shares of Tenet Healthcare by 84.9% in the third quarter. Davidson Kempner Capital Management LP now owns 1,924,600 shares of the company’s stock worth $31,621,000 after acquiring an additional 883,600 shares during the last quarter.

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About Tenet Healthcare

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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