Tenet Healthcare (NYSE:THC) Lowered to Outperform Rating by Raymond James

Raymond James lowered shares of Tenet Healthcare (NYSE:THC) from a strong-buy rating to an outperform rating in a research note released on Friday morning, Marketbeat Ratings reports. They currently have $195.00 price target on the stock.

Several other brokerages have also recently commented on THC. Cantor Fitzgerald boosted 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. Citigroup boosted their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. The Goldman Sachs Group boosted their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” 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. Finally, UBS Group boosted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $171.63.

Tenet Healthcare Stock Performance

THC stock opened at $143.57 on Friday. The company has a market capitalization of $13.65 billion, a P/E ratio of 4.60, a PEG ratio of 0.66 and a beta of 2.15. The company has a 50-day simple moving average of $158.86 and a 200 day simple moving average of $147.87. Tenet Healthcare has a fifty-two week low of $65.90 and a fifty-two week high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last posted 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. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company’s quarterly revenue 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. Sell-side analysts predict that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $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. In the last quarter, insiders sold 17,599 shares of company stock valued at $2,830,834. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of THC. Acadian Asset Management LLC grew its holdings in shares of Tenet Healthcare by 102.9% during the first quarter. Acadian Asset Management LLC now owns 4,455 shares of the company’s stock worth $468,000 after purchasing an additional 2,259 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in Tenet Healthcare by 203.3% in the first quarter. Quadrature Capital Ltd now owns 11,091 shares of the company’s stock valued at $1,166,000 after acquiring an additional 7,434 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after buying an additional 790,684 shares during the last quarter. Bellevue Group AG boosted its holdings in Tenet Healthcare by 193.3% during the first quarter. Bellevue Group AG now owns 4,244 shares of the company’s stock worth $446,000 after buying an additional 2,797 shares during the last quarter. Finally, Paloma Partners Management Co bought a new position in Tenet Healthcare during the first quarter worth about $354,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.