Tenet Healthcare Corp (NYSE:THC) Short Interest Down 8.6% in November

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Tenet Healthcare Corp (NYSE:THC) saw a significant decrease in short interest during the month of November. As of November 29th, there was short interest totalling 9,450,000 shares, a decrease of 8.6% from the November 14th total of 10,340,000 shares. Based on an average daily volume of 1,290,000 shares, the short-interest ratio is presently 7.3 days. Approximately 9.2% of the shares of the stock are sold short.

In other Tenet Healthcare news, EVP Audrey T. Andrews sold 65,360 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $30.59, for a total value of $1,999,362.40. Following the sale, the executive vice president now owns 56,602 shares of the company’s stock, valued at $1,731,455.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Glenview Capital Management, L bought 221,875 shares of the stock in a transaction on Wednesday, October 2nd. The stock was purchased at an average cost of $20.50 per share, for a total transaction of $4,548,437.50. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of THC. BlackRock Inc. increased its holdings in Tenet Healthcare by 9.8% during the 2nd quarter. BlackRock Inc. now owns 11,069,966 shares of the company’s stock worth $228,706,000 after purchasing an additional 988,993 shares during the last quarter. Camber Capital Management LP grew its position in shares of Tenet Healthcare by 42.9% in the 2nd quarter. Camber Capital Management LP now owns 2,500,000 shares of the company’s stock worth $51,650,000 after acquiring an additional 750,000 shares in the last quarter. APG Asset Management N.V. grew its position in shares of Tenet Healthcare by 101.0% in the 2nd quarter. APG Asset Management N.V. now owns 1,164,100 shares of the company’s stock worth $21,119,000 after acquiring an additional 584,900 shares in the last quarter. Nut Tree Capital Management LP acquired a new position in shares of Tenet Healthcare in the 2nd quarter worth approximately $11,983,000. Finally, Nuveen Asset Management LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter worth approximately $10,436,000. 99.16% of the stock is currently owned by hedge funds and other institutional investors.

Shares of THC traded down $0.18 during trading hours on Friday, reaching $37.03. 651,070 shares of the company traded hands, compared to its average volume of 1,018,407. The stock has a fifty day simple moving average of $30.75 and a 200 day simple moving average of $23.70. The company has a quick ratio of 1.14, a current ratio of 1.22 and a debt-to-equity ratio of 30.38. Tenet Healthcare has a fifty-two week low of $16.60 and a fifty-two week high of $37.85. The stock has a market capitalization of $3.81 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 0.72 and a beta of 1.79.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.30. Tenet Healthcare had a positive return on equity of 35.68% and a negative net margin of 1.31%. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same period last year, the company earned $0.29 EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Research analysts predict that Tenet Healthcare will post 2.7 EPS for the current fiscal year.

A number of analysts recently commented on THC shares. ValuEngine lowered Tenet Healthcare from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 5th. SunTrust Banks increased their price objective on Tenet Healthcare from $24.00 to $31.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. UBS Group raised Tenet Healthcare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $24.00 to $53.00 in a research note on Monday, December 9th. Credit Suisse Group raised Tenet Healthcare from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $25.00 to $36.00 in a research note on Wednesday, November 6th. Finally, Mizuho reaffirmed a “buy” rating on shares of Tenet Healthcare in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $32.69.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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