Tenet Healthcare (NYSE:THC) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of Tenet Healthcare (NYSE:THC) from a buy rating to a hold rating in a research report report published on Thursday morning.

Several other equities research analysts have also recently commented on the company. Royal Bank of Canada boosted their target price on Tenet Healthcare from $183.00 to $189.00 and gave the company an “outperform” rating in a research note on Wednesday, April 30th. Guggenheim initiated coverage on Tenet Healthcare in a research note on Wednesday, April 9th. They issued a “buy” rating and a $165.00 target price on the stock. Robert W. Baird restated a “neutral” rating and issued a $137.00 target price (down previously from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. Barclays boosted their target price on Tenet Healthcare from $161.00 to $171.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Finally, TD Cowen assumed coverage on Tenet Healthcare in a research report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price target on the stock. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $174.94.

Tenet Healthcare Trading Down 1.1%

NYSE:THC opened at $161.10 on Thursday. Tenet Healthcare has a fifty-two week low of $109.82 and a fifty-two week high of $171.20. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The stock has a market capitalization of $14.96 billion, a PE ratio of 5.00, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The business’s 50-day simple moving average is $136.15 and its 200-day simple moving average is $136.63.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter in the previous year, the business posted $3.22 EPS. Tenet Healthcare’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts expect that Tenet Healthcare will post 12.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. The trade was a 25.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Paola M. Arbour sold 6,461 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total value of $1,035,052.20. Following the transaction, the executive vice president now owns 27,848 shares in the company, valued at $4,461,249.60. The trade was a 18.83% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,987 shares of company stock valued at $2,972,421. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its position in shares of Tenet Healthcare by 6.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company’s stock valued at $1,021,736,000 after acquiring an additional 463,552 shares during the period. Geode Capital Management LLC boosted its position in shares of Tenet Healthcare by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 2,116,121 shares of the company’s stock valued at $268,591,000 after acquiring an additional 71,454 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Tenet Healthcare by 348.4% in the first quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company’s stock valued at $263,905,000 after acquiring an additional 1,524,642 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Tenet Healthcare by 12.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,675,199 shares of the company’s stock valued at $225,297,000 after acquiring an additional 181,667 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Tenet Healthcare in the first quarter valued at about $218,549,000. Institutional investors own 95.44% of the company’s stock.

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.