KeyCorp Cuts Tenet Healthcare (NYSE:THC) Price Target to $185.00

Tenet Healthcare (NYSE:THC) had its target price trimmed by KeyCorp from $200.00 to $185.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages also recently weighed in on THC. The Goldman Sachs Group downgraded shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and reduced their price target for the company from $196.00 to $140.00 in a report on Monday, December 16th. StockNews.com downgraded Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 17th. Royal Bank of Canada raised their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Barclays boosted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Truist Financial decreased their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $165.00.

Tenet Healthcare Price Performance

NYSE THC opened at $130.08 on Tuesday. The company has a market cap of $12.37 billion, a P/E ratio of 4.17, a P/E/G ratio of 0.61 and a beta of 2.06. Tenet Healthcare has a 1 year low of $78.00 and a 1 year high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The company has a fifty day simple moving average of $141.73 and a 200 day simple moving average of $148.16.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $1.44 earnings per share. On average, sell-side analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC increased its position in Tenet Healthcare by 88.0% in the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares during the period. Geode Capital Management LLC raised its stake in shares of Tenet Healthcare by 23.6% during the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock worth $339,893,000 after buying an additional 390,316 shares during the last quarter. Marshall Wace LLP lifted its holdings in Tenet Healthcare by 7.3% in the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after buying an additional 48,626 shares during the period. Farallon Capital Management LLC grew its holdings in Tenet Healthcare by 7.8% during the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after acquiring an additional 50,000 shares during the period. Finally, Integral Health Asset Management LLC lifted its stake in shares of Tenet Healthcare by 17.6% in the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after purchasing an additional 75,000 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

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.