The Goldman Sachs Group Downgrades Tenet Healthcare (NYSE:THC) to Neutral

Tenet Healthcare (NYSE:THC) was downgraded by equities researchers at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, MarketBeat reports. They currently have a $140.00 price objective on the stock, down from their previous price objective of $196.00. The Goldman Sachs Group’s price objective points to a potential upside of 5.62% from the stock’s current price.

THC has been the topic of several other research reports. Truist Financial restated a “buy” rating and issued a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Barclays boosted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Cantor Fitzgerald raised their target price on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Raymond James cut Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a report on Friday, November 22nd. Finally, Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $205.00 to $150.00 in a research note on Monday, November 25th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare has an average rating of “Moderate Buy” and a consensus price target of $166.88.

Tenet Healthcare Trading Down 0.9 %

THC opened at $132.55 on Monday. The company’s 50 day moving average price is $151.34 and its two-hundred day moving average price is $149.37. The firm has a market capitalization of $12.61 billion, a price-to-earnings ratio of 4.25, a PEG ratio of 0.63 and a beta of 2.06. Tenet Healthcare has a fifty-two week low of $73.21 and a fifty-two week 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.

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

Insider Buying and Selling

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was 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 in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently modified their holdings of THC. Wealth Enhancement Advisory Services LLC raised its holdings in Tenet Healthcare by 40.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,595 shares of the company’s stock valued at $478,000 after acquiring an additional 1,030 shares during the period. Blue Trust Inc. lifted its holdings in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Raymond James & Associates grew its holdings in Tenet Healthcare by 39.9% during the 2nd quarter. Raymond James & Associates now owns 104,474 shares of the company’s stock valued at $13,898,000 after buying an additional 29,781 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Tenet Healthcare by 160.0% in the second quarter. Nisa Investment Advisors LLC now owns 9,331 shares of the company’s stock worth $1,241,000 after buying an additional 5,742 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Tenet Healthcare by 922.3% in the second quarter. First Horizon Advisors Inc. now owns 1,053 shares of the company’s stock valued at $140,000 after acquiring an additional 950 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

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.