StockNews.com Downgrades Tenet Healthcare (NYSE:THC) to Buy

StockNews.com downgraded shares of Tenet Healthcare (NYSE:THC) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday.

Several other equities analysts have also weighed in on THC. Barclays lifted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. KeyCorp began coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective on the stock. in a report on Friday, November 22nd. UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Truist Financial reissued a “buy” rating and issued a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.88.

Tenet Healthcare Stock Down 0.9 %

Shares of THC stock opened at $132.55 on Tuesday. The stock’s 50-day simple moving average is $151.34 and its 200-day simple moving average is $149.37. The firm has a market capitalization of $12.61 billion, a PE ratio of 4.25, a P/E/G 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 quick ratio of 1.52 and a current ratio of 1.58.

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

Insider Transactions at Tenet Healthcare

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 value of $623,760.00. Following the completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Large investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its position in shares of Tenet Healthcare by 101.3% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,894 shares of the company’s stock worth $1,281,000 after acquiring an additional 3,973 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Tenet Healthcare by 46.6% during the 3rd quarter. Retirement Systems of Alabama now owns 176,757 shares of the company’s stock worth $29,377,000 after acquiring an additional 56,193 shares in the last quarter. Franklin Resources Inc. raised its holdings in Tenet Healthcare by 11.9% during the third quarter. Franklin Resources Inc. now owns 457,704 shares of the company’s stock worth $71,077,000 after purchasing an additional 48,580 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Tenet Healthcare by 470.5% in the third quarter. Sanctuary Advisors LLC now owns 15,289 shares of the company’s stock valued at $2,541,000 after purchasing an additional 12,609 shares during the last quarter. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Tenet Healthcare during the 3rd quarter worth $363,000. 95.44% of the stock is 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.