Todays Report: Today, Tenet Healthcare Corp. (THC) Bond Prices Fall 0.3%

Today, Tenet Healthcare Corp. (THC) Bond Prices Fall 0.3%

An issue of Tenet Healthcare Corp. (NYSE:THC) debt fell 0.3% against its face value during trading on Friday. The high-yield issue of debt has a 6.75% coupon and is set to mature on June 15, 2023. The debt is now trading at $88.50 and was trading at $88.88 last week. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.

A number of research firms have commented on THC. Zacks Investment Research raised Tenet Healthcare Corp. from a “strong sell” rating to a “hold” rating in a research note on Friday, September 2nd. Leerink Swann reaffirmed a “market perform” rating and set a $28.00 price target (down previously from $30.00) on shares of Tenet Healthcare Corp. in a research note on Sunday, September 4th. Morgan Stanley reaffirmed a “hold” rating and set a $38.00 price target on shares of Tenet Healthcare Corp. in a research note on Tuesday, August 2nd. Citigroup Inc. cut their price target on Tenet Healthcare Corp. from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Thursday, August 4th. Finally, Raymond James Financial Inc. lowered Tenet Healthcare Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 10th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $30.69.

Shares of Tenet Healthcare Corp. (NYSE:THC) traded down 0.25% during midday trading on Friday, reaching $16.22. The company had a trading volume of 651,020 shares. Tenet Healthcare Corp. has a 12-month low of $14.06 and a 12-month high of $35.35. The stock’s market capitalization is $1.62 billion. The stock’s 50 day moving average is $19.53 and its 200-day moving average is $24.94.

Tenet Healthcare Corp. (NYSE:THC) last issued its quarterly earnings data on Monday, October 31st. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by $0.01. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $2.28 billion. Tenet Healthcare Corp. had a positive return on equity of 12.75% and a negative net margin of 1.04%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. On average, equities research analysts predict that Tenet Healthcare Corp. will post $1.21 earnings per share for the current fiscal year.

In related news, Director Peter M. Wilver purchased 5,000 shares of Tenet Healthcare Corp. stock in a transaction on Wednesday, November 9th. The shares were purchased at an average price of $15.19 per share, for a total transaction of $75,950.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $75,950. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ronald A. Rittenmeyer purchased 15,000 shares of Tenet Healthcare Corp. stock in a transaction on Friday, November 11th. The stock was bought at an average price of $14.35 per share, for a total transaction of $215,250.00. Following the transaction, the director now directly owns 23,783 shares in the company, valued at approximately $341,286.05. The disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its stake in shares of Tenet Healthcare Corp. by 222.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,647 shares of the company’s stock valued at $101,000 after buying an additional 2,515 shares during the last quarter. US Bancorp DE raised its stake in shares of Tenet Healthcare Corp. by 0.9% in the second quarter. US Bancorp DE now owns 3,879 shares of the company’s stock valued at $107,000 after buying an additional 33 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Tenet Healthcare Corp. during the second quarter valued at approximately $142,000. Creative Planning raised its stake in shares of Tenet Healthcare Corp. by 618.0% in the third quarter. Creative Planning now owns 6,354 shares of the company’s stock valued at $144,000 after buying an additional 5,469 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Tenet Healthcare Corp. by 1,534.5% in the second quarter. Acadian Asset Management LLC now owns 6,211 shares of the company’s stock valued at $171,000 after buying an additional 5,831 shares during the last quarter.

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