Tenet Healthcare Corporation (THC) Bond Prices Rise 1.6%
An issue of Tenet Healthcare Corporation (NYSE:THC) debt rose 1.6% as a percentage of its face value during trading on Tuesday. The high-yield debt issue has a 8.125% coupon and will mature on April 1, 2022. The bonds in the issue are now trading at $101.00 and were trading at $100.13 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.
A number of equities research analysts have recently weighed in on THC shares. Mizuho reiterated a “neutral” rating and issued a $14.00 price objective on shares of Tenet Healthcare Corporation in a research report on Thursday, September 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $24.00 price objective (down from $26.00) on shares of Tenet Healthcare Corporation in a research report on Tuesday, August 8th. Credit Suisse Group cut their price objective on Tenet Healthcare Corporation from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 9th. Deutsche Bank AG reiterated a “buy” rating and issued a $24.00 price objective (down from $28.00) on shares of Tenet Healthcare Corporation in a research report on Thursday, August 10th. Finally, Leerink Swann reiterated an “outperform” rating and issued a $30.00 price objective (up from $23.00) on shares of Tenet Healthcare Corporation in a research report on Sunday, August 20th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $20.60.
Tenet Healthcare Corporation (NYSE:THC) opened at 12.97 on Thursday. Tenet Healthcare Corporation has a 1-year low of $12.25 and a 1-year high of $24.13. The stock has a 50 day moving average price of $15.83 and a 200-day moving average price of $16.96. The stock’s market cap is $1.31 billion.
Tenet Healthcare Corporation (NYSE:THC) last posted its earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.17). The company had revenue of $14.80 billion during the quarter, compared to analyst estimates of $4.90 billion. Tenet Healthcare Corporation had a negative return on equity of 2.00% and a negative net margin of 0.97%. Tenet Healthcare Corporation’s revenue was up 204.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, equities analysts expect that Tenet Healthcare Corporation will post $0.76 EPS for the current year.
Institutional investors have recently bought and sold shares of the business. FNY Managed Accounts LLC purchased a new stake in Tenet Healthcare Corporation during the first quarter worth $109,000. PNC Financial Services Group Inc. lifted its holdings in Tenet Healthcare Corporation by 52.1% during the first quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock worth $117,000 after buying an additional 2,266 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Tenet Healthcare Corporation by 57.4% during the first quarter. Nomura Asset Management Co. Ltd. now owns 7,100 shares of the company’s stock worth $126,000 after buying an additional 2,590 shares during the period. Riverhead Capital Management LLC lifted its holdings in Tenet Healthcare Corporation by 67.3% during the second quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock worth $152,000 after buying an additional 3,161 shares during the period. Finally, Flinton Capital Management LLC lifted its holdings in Tenet Healthcare Corporation by 65.7% during the second quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock worth $153,000 after buying an additional 3,128 shares during the period.
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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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