Tenet Healthcare Corp. (NYSE:THC) dropped 2.8% during trading on Wednesday . The company traded as low as $29.96 and last traded at $30.72, with a volume of 801,940 shares changing hands. The stock had previously closed at $31.60.

THC has been the topic of a number of recent analyst reports. Sterne Agee CRT reiterated a “buy” rating on shares of Tenet Healthcare Corp. in a report on Monday, May 16th. Robert W. Baird reiterated a “buy” rating on shares of Tenet Healthcare Corp. in a report on Monday, May 16th. Bank of America Corp. restated a “buy” rating on shares of Tenet Healthcare Corp. in a report on Tuesday, May 3rd. Jefferies Group restated a “buy” rating on shares of Tenet Healthcare Corp. in a report on Monday, July 11th. Finally, Zacks Investment Research upgraded shares of Tenet Healthcare Corp. from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Monday, July 18th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $33.92.

The stock’s 50 day moving average price is $28.93 and its 200 day moving average price is $28.11. The company’s market cap is $3.05 billion.

Tenet Healthcare Corp. (NYSE:THC) last issued its quarterly earnings results on Monday, May 2nd. The company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.11. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.79 billion. During the same quarter in the previous year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. Analysts predict that Tenet Healthcare Corp. will post $1.93 earnings per share for the current year.

Several hedge funds have added to or reduced their stakes in the stock. California Public Employees Retirement System increased its stake in Tenet Healthcare Corp. by 4.9% in the fourth quarter. California Public Employees Retirement System now owns 498,610 shares of the company’s stock valued at $15,108,000 after buying an additional 23,200 shares during the period. Rhumbline Advisers increased its stake in Tenet Healthcare Corp. by 4.1% in the fourth quarter. Rhumbline Advisers now owns 132,256 shares of the company’s stock valued at $4,007,000 after buying an additional 5,265 shares during the period. ProShare Advisors LLC increased its stake in Tenet Healthcare Corp. by 57.2% in the fourth quarter. ProShare Advisors LLC now owns 51,694 shares of the company’s stock valued at $1,566,000 after buying an additional 18,819 shares during the period. BlackRock Advisors LLC increased its stake in Tenet Healthcare Corp. by 26.8% in the fourth quarter. BlackRock Advisors LLC now owns 2,141,124 shares of the company’s stock valued at $64,876,000 after buying an additional 452,403 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in Tenet Healthcare Corp. by 14.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 2,012,500 shares of the company’s stock valued at $60,979,000 after buying an additional 260,000 shares during the period.

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 operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer.

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