Tenet Healthcare (NYSE:THC) Price Target Lowered to $175.00 at Truist Financial

Tenet Healthcare (NYSE:THC) had its price target lowered by Truist Financial from $190.00 to $175.00 in a report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently commented on THC. Royal Bank of Canada raised their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group cut Tenet Healthcare from a “buy” rating to a “neutral” rating and cut their price objective for the company from $196.00 to $140.00 in a report on Monday, December 16th. KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price on the stock. StockNews.com cut shares of Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 17th. Finally, Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $205.00 to $150.00 in a research report on Monday, November 25th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $165.94.

Tenet Healthcare Trading Up 2.5 %

NYSE THC opened at $125.69 on Monday. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare has a 12 month low of $75.83 and a 12 month high of $171.20. The company has a market capitalization of $11.95 billion, a PE ratio of 4.03, a P/E/G ratio of 0.61 and a beta of 2.06. The stock has a 50-day simple moving average of $143.47 and a 200 day simple moving average of $148.45.

Tenet Healthcare (NYSE:THC) last announced 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 business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the company posted $1.44 EPS. Tenet Healthcare’s revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts forecast that Tenet Healthcare will post 11.38 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were 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 directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Plato Investment Management Ltd bought a new position in Tenet Healthcare during the third quarter worth about $28,000. ORG Wealth Partners LLC bought a new position in shares of Tenet Healthcare during the 3rd quarter worth approximately $30,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth approximately $34,000. Financial Management Professionals Inc. lifted its holdings in Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock valued at $35,000 after purchasing an additional 200 shares during the last quarter. Finally, True Wealth Design LLC acquired a new position in shares of Tenet Healthcare in the third quarter valued at $38,000. Institutional investors own 95.44% of the company’s stock.

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.