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

Tenet Healthcare (NYSE:THC) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, Marketbeat reports. They currently have a $150.00 price target on the stock, down from their previous price target of $205.00. Wells Fargo & Company‘s target price suggests a potential upside of 3.03% from the company’s previous close.

A number of other analysts also recently issued reports on THC. The Goldman Sachs Group raised their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays raised their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday, November 22nd. UBS Group raised their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald increased their price objective 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. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $168.19.

Tenet Healthcare Stock Up 1.6 %

THC stock opened at $145.59 on Monday. The company has a market cap of $13.85 billion, a price-to-earnings ratio of 4.67, a PEG ratio of 0.64 and a beta of 2.15. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare has a 12 month low of $65.90 and a 12 month high of $171.20. The firm has a 50-day moving average of $158.44 and a two-hundred day moving average of $148.32.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data 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 the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, analysts forecast that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’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 transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors have recently modified their holdings of THC. B. Riley Wealth Advisors Inc. lifted its position in shares of Tenet Healthcare by 10.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,148 shares of the company’s stock worth $436,000 after purchasing an additional 387 shares during the last quarter. Redwood Investment Management LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter worth $1,513,000. Tidal Investments LLC acquired a new stake in Tenet Healthcare during the 1st quarter worth $2,213,000. Comerica Bank raised its stake in Tenet Healthcare by 50.2% during the 1st quarter. Comerica Bank now owns 93,952 shares of the company’s stock worth $9,875,000 after acquiring an additional 31,406 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Tenet Healthcare in the first quarter valued at $1,240,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.