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

Wells Fargo & Company lowered shares of Tenet Healthcare (NYSE:THC) from an overweight rating to an equal weight rating in a report published on Monday morning, Marketbeat Ratings reports. They currently have $150.00 target price on the stock, down from their prior target price of $205.00.

A number of other equities research analysts have also recently commented on the company. KeyCorp started coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. Cantor Fitzgerald boosted their target price 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. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Truist Financial reissued a “buy” rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $168.19.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $141.94 on Monday. Tenet Healthcare has a one year low of $65.90 and a one year high of $171.20. The company has a market capitalization of $13.50 billion, a PE ratio of 4.59, a P/E/G ratio of 0.64 and a beta of 2.15. 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 50-day simple moving average of $158.21 and a two-hundred day simple moving average of $148.45.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The company 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%. Tenet Healthcare’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.44 earnings per share. Research analysts expect that Tenet Healthcare will post 11.38 EPS for the current fiscal year.

Insider Activity at Tenet Healthcare

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its holdings in shares of Tenet Healthcare by 11.9% during the third quarter. Franklin Resources Inc. now owns 457,704 shares of the company’s stock valued at $71,077,000 after acquiring an additional 48,580 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Tenet Healthcare by 470.5% in the third quarter. Sanctuary Advisors LLC now owns 15,289 shares of the company’s stock valued at $2,541,000 after buying an additional 12,609 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in Tenet Healthcare during the 3rd quarter valued at about $363,000. Coldstream Capital Management Inc. boosted its holdings in shares of Tenet Healthcare by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after purchasing an additional 74 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Tenet Healthcare by 23.6% in the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after purchasing an additional 390,316 shares during 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.