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

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

Several other analysts have also weighed in on the stock. KeyCorp started coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald boosted their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research note on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their price objective 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 investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Trading Down 2.5 %

THC opened at $141.98 on Monday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare has a 12-month low of $65.90 and a 12-month high of $171.20. The firm’s fifty day moving average price is $157.82 and its 200 day moving average price is $148.41. The stock has a market capitalization of $13.50 billion, a PE ratio of 4.55, a P/E/G ratio of 0.64 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating 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 firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, research analysts expect that Tenet Healthcare will post 11.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the 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 completion of the sale, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently modified their holdings of the stock. Coldstream Capital Management Inc. raised its stake in Tenet Healthcare by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock valued at $566,000 after purchasing an additional 74 shares during the period. Optas LLC increased its stake in Tenet Healthcare by 3.4% in the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after buying an additional 93 shares during the period. Signaturefd LLC increased its stake in Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after buying an additional 94 shares during the period. CIBC Asset Management Inc increased its stake in Tenet Healthcare by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock valued at $480,000 after buying an additional 94 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after purchasing an additional 96 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.