Tenet Healthcare (NYSE:THC) Trading Down 5% - Time to Sell?

Tenet Healthcare Co. (NYSE:THC - Get Free Report)'s stock price was down 5% on Wednesday . The company traded as low as $128.52 and last traded at $131.88. Approximately 774,260 shares traded hands during trading, a decline of 24% from the average daily volume of 1,023,463 shares. The stock had previously closed at $138.83.

Analyst Ratings Changes

A number of brokerages have recently commented on THC. JPMorgan Chase & Co. reiterated an "overweight" rating and issued a $175.00 target price on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Truist Financial reduced 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 report on Monday, January 6th. Wells Fargo & Company cut shares of Tenet Healthcare from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $205.00 to $150.00 in a research report on Monday, November 25th. The Goldman Sachs Group cut shares of Tenet Healthcare from a "buy" rating to a "neutral" rating and reduced their target price for the company from $196.00 to $140.00 in a research report on Monday, December 16th. Finally, Royal Bank of Canada upped their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $163.19.

Tenet Healthcare Trading Down 0.1 %

The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The business's fifty day simple moving average is $133.32 and its two-hundred day simple moving average is $148.11. The company has a market cap of $12.69 billion, a price-to-earnings ratio of 4.27, a PEG ratio of 0.63 and a beta of 2.05.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. On average, equities analysts predict that Tenet Healthcare Co. will post 11.37 EPS for the current year.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors have recently made changes to their positions in THC. Exchange Traded Concepts LLC acquired a new position in shares of Tenet Healthcare during the 3rd quarter worth $421,000. Creative Planning raised its stake in Tenet Healthcare by 2.9% in the 3rd quarter. Creative Planning now owns 16,099 shares of the company's stock valued at $2,676,000 after purchasing an additional 461 shares during the last quarter. Swedbank AB acquired a new position in Tenet Healthcare in the 3rd quarter valued at about $3,324,000. Aaron Wealth Advisors LLC acquired a new position in Tenet Healthcare in the 3rd quarter valued at about $203,000. Finally, First Citizens Bank & Trust Co. raised its stake in Tenet Healthcare by 5.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company's stock valued at $370,000 after purchasing an additional 109 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

About Tenet Healthcare

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.