Tenet Healthcare (NYSE:THC) Cut to “Outperform” at Raymond James

Raymond James cut shares of Tenet Healthcare (NYSE:THC) from a strong-buy rating to an outperform rating in a research report report published on Friday, MarketBeat.com reports. Raymond James currently has $195.00 price target on the stock.

Other analysts also recently issued reports about the company. KeyCorp initiated coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Citigroup increased their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Royal Bank of Canada boosted their target price 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. Cantor Fitzgerald increased their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Truist Financial restated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $171.63.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $143.63 on Friday. Tenet Healthcare has a one year low of $65.90 and a one year high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The firm has a market cap of $13.66 billion, a price-to-earnings ratio of 4.60, a P/E/G ratio of 0.66 and a beta of 2.15. The stock’s fifty day moving average price is $158.86 and its two-hundred day moving average price is $148.21.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.05 billion. During the same quarter in the previous year, the company earned $1.44 EPS. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts forecast that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Activity

In other news, insider R. Scott Ramsey sold 11,599 shares of the 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 owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The stock was 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 in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,599 shares of company stock valued at $2,830,834 over the last quarter. 0.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC raised its position in shares of Tenet Healthcare by 88.0% in the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after acquiring an additional 3,604,161 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares during the period. 8 Knots Management LLC grew its position in shares of Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after buying an additional 438,033 shares during the period. Geode Capital Management LLC increased its stake in shares of Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after acquiring an additional 390,316 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after acquiring an additional 321,789 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.