Tenet Healthcare Corp (THC) Bonds Drop 1.3% During Trading

An issue of Tenet Healthcare Corp (NYSE:THC) bonds fell 1.3% against their face value during trading on Wednesday. The debt issue has a 8.125% coupon and is set to mature on April 1, 2022. The debt is now trading at $104.25 and was trading at $104.25 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.

A number of research firms recently issued reports on THC. Citigroup Inc dropped their price objective on shares of Tenet Healthcare Corp from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, March 6th. Mizuho raised shares of Tenet Healthcare Corp from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $13.00 to $22.80 in a report on Friday, February 24th. Zacks Investment Research downgraded shares of Tenet Healthcare Corp from a “hold” rating to a “strong sell” rating in a report on Thursday, March 9th. Royal Bank of Canada reissued a “hold” rating and issued a $25.00 price objective on shares of Tenet Healthcare Corp in a report on Friday, March 3rd. Finally, Jefferies Group LLC dropped their price objective on shares of Tenet Healthcare Corp from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, February 6th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. Tenet Healthcare Corp currently has a consensus rating of “Hold” and an average target price of $25.08.

Shares of Tenet Healthcare Corp (NYSE:THC) traded up 4.046% during trading on Friday, reaching $17.667. 762,880 shares of the company’s stock traded hands. The company has a 50 day moving average price of $16.98 and a 200-day moving average price of $17.36. The stock’s market cap is $1.78 billion. Tenet Healthcare Corp has a one year low of $14.06 and a one year high of $31.84.

Tenet Healthcare Corp (NYSE:THC) last released its quarterly earnings data on Monday, May 1st. The company reported ($0.27) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.52) by $0.25. Tenet Healthcare Corp had a positive return on equity of 12.75% and a negative net margin of 1.04%. The business had revenue of $4.81 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. The business’s quarterly revenue was down 4.6% compared to the same quarter last year. On average, equities research analysts expect that Tenet Healthcare Corp will post $1.19 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Comerica Bank raised its stake in Tenet Healthcare Corp by 6.0% in the fourth quarter. Comerica Bank now owns 58,900 shares of the company’s stock valued at $1,073,000 after buying an additional 3,351 shares in the last quarter. Lombard Odier Asset Management USA Corp acquired a new position in shares of Tenet Healthcare Corp during the third quarter worth about $1,033,000. Boston Private Wealth LLC raised its position in shares of Tenet Healthcare Corp by 3.4% in the third quarter. Boston Private Wealth LLC now owns 40,855 shares of the company’s stock worth $926,000 after buying an additional 1,345 shares during the period. Highbridge Capital Management LLC raised its position in shares of Tenet Healthcare Corp by 630.3% in the third quarter. Highbridge Capital Management LLC now owns 292,977 shares of the company’s stock worth $6,639,000 after buying an additional 252,858 shares during the period. Finally, Clinton Group Inc. raised its position in shares of Tenet Healthcare Corp by 29.6% in the third quarter. Clinton Group Inc. now owns 196,015 shares of the company’s stock worth $4,442,000 after buying an additional 44,794 shares during the period.

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About Tenet Healthcare Corp

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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