Tenet Healthcare (NYSE:THC) Lowered to “Neutral” Rating by The Goldman Sachs Group

The Goldman Sachs Group cut shares of Tenet Healthcare (NYSE:THC) from a buy rating to a neutral rating in a report released on Monday morning, Marketbeat Ratings reports. The firm currently has $140.00 price objective on the stock, down from their previous price objective of $196.00.

THC has been the topic of a number of other research reports. Truist Financial reiterated a “buy” rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $205.00 to $150.00 in a research report on Monday, November 25th. Cantor Fitzgerald increased their target price on 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 increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, KeyCorp started coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective for the company. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $164.69.

Tenet Healthcare Trading Down 2.2 %

Tenet Healthcare stock opened at $133.73 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 $73.21 and a 12 month high of $171.20. The stock’s 50 day simple moving average is $151.70 and its two-hundred day simple moving average is $149.39. The firm has a market cap of $12.72 billion, a PE ratio of 4.28, a P/E/G ratio of 0.63 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the firm posted $1.44 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction on Thursday, October 31st. The stock was 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 directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently modified their holdings of the business. Innealta Capital LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth $28,000. Plato Investment Management Ltd purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth $30,000. Blue Trust Inc. boosted its holdings in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in Tenet Healthcare during the 2nd quarter valued at about $34,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.