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

Tenet Healthcare (NYSE:THC) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday.

A number of other equities analysts have also weighed in on THC. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $205.00 to $150.00 in a research note on Monday, November 25th. KeyCorp assumed coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. Cantor Fitzgerald lifted their target price 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. Royal Bank of Canada increased their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $175.00 price objective on shares of Tenet Healthcare in a research report on Tuesday. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $166.88.

Tenet Healthcare Trading Down 3.8 %

Shares of NYSE:THC opened at $127.46 on Tuesday. The business has a 50-day moving average price of $150.81 and a 200-day moving average price of $149.22. The stock has a market cap of $12.12 billion, a price-to-earnings ratio of 4.08, a PEG ratio of 0.61 and a beta of 2.06. Tenet Healthcare has a 52-week low of $73.21 and a 52-week high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $1.44 EPS. Equities analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were 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 of the company’s stock, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

A number of large investors have recently made changes to their positions in the stock. Innealta Capital LLC acquired a new stake in Tenet Healthcare during the second quarter worth about $28,000. Plato Investment Management Ltd acquired a new stake in shares of Tenet Healthcare during the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new stake in shares of Tenet Healthcare during the 3rd quarter valued at approximately $30,000. Blue Trust Inc. grew its position in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Tenet Healthcare in the second quarter valued at $34,000. 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.