Tenet Healthcare (NYSE:THC) Cut to Buy at StockNews.com

Tenet Healthcare (NYSE:THC) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday.

THC has been the subject of several other reports. Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $205.00 to $150.00 in a research report on Monday, November 25th. KeyCorp assumed coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. JPMorgan Chase & Co. restated an “overweight” rating and issued a $175.00 target price on shares of Tenet Healthcare in a research note on Tuesday. Cantor Fitzgerald boosted their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $166.88.

Tenet Healthcare Trading Down 0.9 %

THC traded down $1.22 during trading on Tuesday, hitting $132.55. 1,315,115 shares of the stock were exchanged, compared to its average volume of 1,226,815. 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 firm has a 50 day simple moving average of $151.34 and a 200 day simple moving average of $149.37. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of 4.25, a P/E/G ratio of 0.63 and a beta of 2.06. Tenet Healthcare has a 1 year low of $73.21 and a 1 year high of $171.20.

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 analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.44 EPS. As a group, equities analysts expect that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Activity

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the business’s 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. grew its position in shares of Tenet Healthcare by 101.3% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,894 shares of the company’s stock worth $1,281,000 after buying an additional 3,973 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Tenet Healthcare by 46.6% during the 3rd quarter. Retirement Systems of Alabama now owns 176,757 shares of the company’s stock worth $29,377,000 after acquiring an additional 56,193 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Tenet Healthcare by 11.9% in the 3rd quarter. Franklin Resources Inc. now owns 457,704 shares of the company’s stock valued at $71,077,000 after purchasing an additional 48,580 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of Tenet Healthcare by 470.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 15,289 shares of the company’s stock worth $2,541,000 after purchasing an additional 12,609 shares during the last quarter. Finally, Arete Wealth Advisors LLC purchased a new position in Tenet Healthcare in the third quarter valued at $363,000. 95.44% of the stock is 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.