An issue of Tenet Healthcare Corporation (NYSE:THC) debt fell 2.3% against its face value during trading on Friday. The high-yield debt issue has a 6.75% coupon and will mature on June 15, 2023. The bonds in the issue are now trading at $97.50 and were trading at $97.50 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

A number of analysts recently issued reports on THC shares. Citigroup Inc. reaffirmed a “hold” rating and issued a $16.00 target price on shares of Tenet Healthcare Corporation in a research report on Thursday. Deutsche Bank AG reaffirmed a “buy” rating and issued a $24.00 target price (down previously from $28.00) on shares of Tenet Healthcare Corporation in a research report on Thursday, August 10th. Mizuho reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Tenet Healthcare Corporation in a research report on Thursday. Robert W. Baird reaffirmed an “outperform” rating and issued a $23.00 target price on shares of Tenet Healthcare Corporation in a research report on Thursday, August 10th. Finally, BidaskClub downgraded Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $21.43.

Tenet Healthcare Corporation (NYSE THC) opened at 16.73 on Friday. The firm’s market cap is $1.69 billion. The firm’s 50-day moving average price is $16.08 and its 200-day moving average price is $17.53. Tenet Healthcare Corporation has a 12 month low of $12.54 and a 12 month high of $24.13.

Tenet Healthcare Corporation (NYSE:THC) last posted its quarterly earnings data on Monday, August 7th. The company reported ($0.17) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.17). The firm had revenue of $14.80 billion during the quarter, compared to analyst estimates of $4.90 billion. Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. The company’s revenue for the quarter was up 204.1% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. On average, equities research analysts expect that Tenet Healthcare Corporation will post $0.82 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. Harris Associates L P increased its stake in Tenet Healthcare Corporation by 1.4% in the 2nd quarter. Harris Associates L P now owns 7,733,435 shares of the company’s stock valued at $149,565,000 after buying an additional 108,070 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Tenet Healthcare Corporation by 6.2% during the 2nd quarter. Vanguard Group Inc. now owns 6,995,269 shares of the company’s stock worth $135,289,000 after purchasing an additional 407,910 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Tenet Healthcare Corporation by 25.0% during the 2nd quarter. Franklin Resources Inc. now owns 5,000,000 shares of the company’s stock worth $96,700,000 after purchasing an additional 1,000,000 shares during the last quarter. FMR LLC increased its stake in shares of Tenet Healthcare Corporation by 36.9% during the 2nd quarter. FMR LLC now owns 3,724,713 shares of the company’s stock worth $72,036,000 after purchasing an additional 1,004,700 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Tenet Healthcare Corporation by 25.4% during the 2nd quarter. State Street Corp now owns 2,926,533 shares of the company’s stock worth $56,603,000 after purchasing an additional 593,520 shares during the last quarter.

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About Tenet Healthcare Corporation

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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