Tenet Healthcare (NYSE:THC) Downgraded to “Equal Weight” Rating by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Tenet Healthcare (NYSE:THC) from an overweight rating to an equal weight rating in a research report released on Monday, Marketbeat.com reports. The firm currently has $150.00 target price on the stock, down from their prior target price of $205.00.

A number of other research firms also recently issued reports on THC. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research report on Friday. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald raised their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays raised their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, UBS Group increased their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $168.19.

Tenet Healthcare Trading Down 0.2 %

NYSE THC opened at $143.32 on Monday. Tenet Healthcare has a 12 month low of $65.90 and a 12 month high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The company has a market capitalization of $13.63 billion, a price-to-earnings ratio of 4.59, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. The company’s fifty day moving average price is $158.44 and its two-hundred day moving average price is $148.32.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the firm posted $1.44 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. As a group, research analysts predict that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently made changes to their positions in the business. Coldstream Capital Management Inc. boosted its holdings in shares of Tenet Healthcare by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after buying an additional 74 shares during the period. Optas LLC boosted its holdings in shares of Tenet Healthcare by 3.4% in the third quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after buying an additional 93 shares during the period. Signaturefd LLC boosted its holdings in shares of Tenet Healthcare by 17.6% in the third quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after buying an additional 94 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Tenet Healthcare by 3.4% in the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after buying an additional 94 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Tenet Healthcare by 20.7% in the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after buying an additional 96 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Company Profile

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