JPMorgan Chase & Co. Reiterates Overweight Rating for Tenet Healthcare (NYSE:THC)

JPMorgan Chase & Co. reiterated their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a report published on Tuesday morning, Marketbeat.com reports. JPMorgan Chase & Co. currently has a $175.00 target price on the stock.

Several other research firms also recently issued reports on THC. Cantor Fitzgerald upped their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $205.00 to $150.00 in a report on Monday, November 25th. UBS Group raised 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, Royal Bank of Canada boosted their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $166.88.

Tenet Healthcare Price Performance

Shares of THC stock opened at $132.55 on Tuesday. Tenet Healthcare has a 1-year low of $73.21 and a 1-year high of $171.20. The company has a market cap of $12.61 billion, a P/E ratio of 4.25, a PEG ratio of 0.63 and a beta of 2.06. 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 stock’s 50-day moving average is $151.34 and its 200 day moving average is $149.37.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion for 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%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.44 earnings per share. Research analysts predict that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Activity at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the business’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 completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Tenet Healthcare by 88.0% during the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Tenet Healthcare by 23.6% in the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after acquiring an additional 390,316 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after acquiring an additional 321,789 shares during the last quarter. Iron Triangle Partners LP acquired a new position in Tenet Healthcare in the 3rd quarter valued at $51,346,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Tenet Healthcare by 344.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after purchasing an additional 245,875 shares in the last quarter. 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.