Tenet Healthcare (NYSE:THC) Stock Rating Lowered by Raymond James

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

Several other equities research analysts have also commented on the stock. UBS Group upped their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Truist Financial reiterated 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. Barclays upped their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Citigroup boosted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Price Performance

NYSE THC opened at $143.32 on Friday. The stock has a 50-day moving average of $158.44 and a 200 day moving average of $148.32. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The company has a market capitalization of $13.63 billion, a price-to-earnings ratio of 4.59, a PEG ratio of 0.64 and a beta of 2.15. Tenet Healthcare has a one year low of $65.90 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Buying and Selling

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the 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 transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

Large investors have recently bought and sold shares of the business. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth about $1,055,000. Diversified Trust Co purchased a new position in Tenet Healthcare in the second quarter worth about $558,000. Envestnet Portfolio Solutions Inc. raised its position in Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after purchasing an additional 7,078 shares during the period. Caprock Group LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at approximately $477,000. Finally, Swiss National Bank increased its position in shares of Tenet Healthcare by 8.7% during the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock valued at $31,711,000 after purchasing an additional 15,200 shares during the last quarter. 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.