Tenet Healthcare (NYSE:THC) Downgraded to “Outperform” Rating by Raymond James

Raymond James downgraded shares of Tenet Healthcare (NYSE:THC) from a strong-buy rating to an outperform rating in a research note released on Friday, MarketBeat reports. Raymond James currently has $195.00 price target on the stock.

THC has been the subject of several other reports. Citigroup increased their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Truist Financial reissued a “buy” rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Cantor Fitzgerald boosted their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Barclays lifted their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $143.32 on Friday. The stock has a market cap of $13.63 billion, a P/E ratio of 4.59, a P/E/G ratio of 0.64 and a beta of 2.15. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The company’s 50 day moving average price is $158.44 and its two-hundred day moving average price is $148.32. Tenet Healthcare has a 52 week low of $65.90 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.44 EPS. On average, equities analysts predict that Tenet Healthcare will post 11.38 earnings per share for the current year.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s 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 directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legacy Capital Group California Inc. bought a new position in Tenet Healthcare in the third quarter worth $1,055,000. Diversified Trust Co bought a new stake in Tenet Healthcare during the second quarter worth about $558,000. Envestnet Portfolio Solutions Inc. grew its holdings in Tenet Healthcare by 124.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock worth $1,701,000 after purchasing an additional 7,078 shares during the period. Caprock Group LLC purchased a new position in shares of Tenet Healthcare during the second quarter valued at approximately $477,000. Finally, Swiss National Bank increased its position in Tenet Healthcare by 8.7% during the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock valued at $31,711,000 after buying an additional 15,200 shares in the last quarter. Hedge funds and other 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.