Tenet Healthcare (NYSE:THC) Downgraded by Raymond James to Outperform

Raymond James cut shares of Tenet Healthcare (NYSE:THC) from a strong-buy rating to an outperform rating in a research note published on Friday morning, MarketBeat reports. The brokerage currently has $195.00 target price on the stock.

Other analysts also recently issued reports about the company. Cantor Fitzgerald increased their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Barclays boosted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Truist Financial restated a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and an average price target of $171.63.

Tenet Healthcare Trading Down 2.9 %

Shares of Tenet Healthcare stock opened at $143.63 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The stock has a fifty day simple moving average of $158.86 and a 200 day simple moving average of $148.21. Tenet Healthcare has a 12-month low of $65.90 and a 12-month high of $171.20. The company has a market capitalization of $13.66 billion, a P/E ratio of 4.60, a price-to-earnings-growth ratio of 0.66 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results 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. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the firm earned $1.44 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,599 shares of company stock worth $2,830,834. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in THC. FMR LLC increased its position in shares of Tenet Healthcare by 88.0% during the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after purchasing an additional 3,604,161 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares during the last quarter. 8 Knots Management LLC lifted its holdings in shares of Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after acquiring an additional 438,033 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after purchasing an additional 390,316 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in Tenet Healthcare by 7,223.1% in the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.