Tenet Healthcare (THC) Bonds Rise 0.8% During Trading

An issue of Tenet Healthcare Corp (NYSE:THC) bonds rose 0.8% as a percentage of their face value during trading on Thursday. The high-yield debt issue has a 8.125% coupon and is set to mature on April 1, 2022. The bonds in the issue are now trading at $103.03 and were trading at $100.75 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

THC has been the topic of several research analyst reports. Mizuho reissued a “neutral” rating and set a $14.00 target price on shares of Tenet Healthcare in a research note on Thursday, September 14th. JPMorgan Chase & Co. lowered shares of Tenet Healthcare from a “neutral” rating to an “underweight” rating and set a $15.00 target price on the stock. in a research note on Thursday, December 14th. Jefferies Group reissued a “buy” rating and set a $24.00 target price on shares of Tenet Healthcare in a research note on Thursday, September 21st. Royal Bank of Canada cut their target price on shares of Tenet Healthcare from $19.00 to $17.00 and set a “sector perform” rating on the stock in a research note on Monday, November 13th. Finally, Deutsche Bank reissued a “buy” rating and set a $24.00 target price on shares of Tenet Healthcare in a research note on Friday, September 1st. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $18.93.

Tenet Healthcare Corp (NYSE THC) traded up $0.28 during trading on Thursday, hitting $15.21. 1,185,016 shares of the company’s stock were exchanged, compared to its average volume of 3,586,850. Tenet Healthcare Corp has a 12-month low of $12.25 and a 12-month high of $22.72. The company has a market capitalization of $1,520.00, a price-to-earnings ratio of -2.77, a price-to-earnings-growth ratio of 3.66 and a beta of 1.17. The company has a debt-to-equity ratio of 21.21, a current ratio of 1.28 and a quick ratio of 1.21.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Monday, November 6th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.23. Tenet Healthcare had a negative net margin of 2.85% and a negative return on equity of 5.61%. The firm had revenue of $4.59 billion for the quarter, compared to analyst estimates of $4.94 billion. During the same period last year, the firm earned $0.16 earnings per share. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. sell-side analysts forecast that Tenet Healthcare Corp will post 0.69 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in THC. Harris Associates L P raised its holdings in shares of Tenet Healthcare by 1.4% in the second quarter. Harris Associates L P now owns 7,733,435 shares of the company’s stock valued at $149,565,000 after purchasing an additional 108,070 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Tenet Healthcare by 6.2% in the second quarter. Vanguard Group Inc. now owns 6,995,269 shares of the company’s stock valued at $135,289,000 after purchasing an additional 407,910 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Tenet Healthcare by 25.0% in the second quarter. Franklin Resources Inc. now owns 5,000,000 shares of the company’s stock valued at $96,700,000 after purchasing an additional 1,000,000 shares during the last quarter. FMR LLC raised its holdings in shares of Tenet Healthcare by 36.9% in the second quarter. FMR LLC now owns 3,724,713 shares of the company’s stock valued at $72,036,000 after purchasing an additional 1,004,700 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Tenet Healthcare by 25.4% in the second quarter. State Street Corp now owns 2,926,533 shares of the company’s stock valued at $56,603,000 after purchasing an additional 593,520 shares during the last quarter.

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About Tenet Healthcare

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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