Tenet Healthcare (NYSE:THC) Downgraded to Hold Rating by Baird R W

Baird R W lowered shares of Tenet Healthcare (NYSE:THC) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other research analysts have also issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $177.00 target price on shares of Tenet Healthcare in a report on Thursday, February 13th. Guggenheim initiated coverage on Tenet Healthcare in a research note on Wednesday, April 9th. They set a “buy” rating and a $165.00 price target for the company. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $175.00 target price on shares of Tenet Healthcare in a report on Tuesday, December 17th. Barclays decreased their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a report on Thursday, February 13th. Finally, KeyCorp cut their price objective on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $165.44.

Tenet Healthcare Stock Performance

Shares of THC opened at $120.73 on Tuesday. Tenet Healthcare has a 52-week low of $90.03 and a 52-week high of $171.20. The firm has a market capitalization of $11.48 billion, a PE ratio of 3.75, a P/E/G ratio of 1.02 and a beta of 1.77. The firm has a 50-day moving average price of $128.99 and a 200 day moving average price of $139.03. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, beating analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. On average, sell-side analysts anticipate that Tenet Healthcare will post 12.24 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the sale, the director now directly owns 27,378 shares in the company, valued at approximately $3,434,022.54. This trade represents a 25.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Tenet Healthcare during the fourth quarter worth $190,819,000. Wealthfront Advisers LLC acquired a new position in Tenet Healthcare during the 4th quarter valued at about $69,059,000. Raymond James Financial Inc. acquired a new stake in shares of Tenet Healthcare during the 4th quarter worth approximately $49,001,000. Renaissance Technologies LLC raised its stake in shares of Tenet Healthcare by 579.2% during the fourth quarter. Renaissance Technologies LLC now owns 438,563 shares of the company’s stock worth $55,360,000 after buying an additional 373,988 shares during the last quarter. Finally, Bridgewater Associates LP boosted its stake in Tenet Healthcare by 225.4% in the fourth quarter. Bridgewater Associates LP now owns 407,194 shares of the company’s stock valued at $51,400,000 after acquiring an additional 282,071 shares during the last quarter. 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.