Tenet Healthcare (NYSE:THC) Rating Lowered to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company cut shares of Tenet Healthcare (NYSE:THC) from an overweight rating to an equal weight rating in a report issued on Monday, Marketbeat reports. Wells Fargo & Company currently has $150.00 price objective on the stock, down from their prior price objective of $205.00.

Several other equities analysts have also weighed in on THC. Cantor Fitzgerald raised their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Royal Bank of Canada raised their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. KeyCorp began coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target on the stock. UBS Group lifted 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. Finally, Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research report on Friday. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Stock Performance

THC stock opened at $143.32 on Monday. 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 stock has a market cap of $13.63 billion, a P/E ratio of 4.59, a P/E/G ratio of 0.64 and a beta of 2.15. The firm has a 50 day simple moving average of $158.44 and a 200 day simple moving average of $148.32. Tenet Healthcare has a 52 week low of $65.90 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping 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 firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $1.44 earnings per share. Research analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently made changes to their positions in THC. Innealta Capital LLC acquired a new position in Tenet Healthcare during the 2nd quarter worth about $28,000. Plato Investment Management Ltd acquired a new position in Tenet Healthcare during the 3rd quarter worth about $28,000. ORG Wealth Partners LLC acquired a new position in Tenet Healthcare during the 3rd quarter worth about $30,000. ORG Partners LLC acquired a new position in Tenet Healthcare during the 2nd quarter worth about $31,000. Finally, Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares in the last quarter. Institutional investors and hedge funds 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.