Tenet Healthcare (NYSE:THC) Stock Rating Lowered by Raymond James

Tenet Healthcare (NYSE:THC) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research report issued to clients and investors on Friday, MarketBeat.com reports. They presently have a $195.00 price objective on the stock. Raymond James’ price target indicates a potential upside of 31.76% from the company’s previous close.

A number of other research firms have also recently commented on THC. UBS Group raised their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Truist Financial reissued a “buy” rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. KeyCorp began coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Finally, Royal Bank of Canada increased their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and an average price target of $171.63.

Tenet Healthcare Stock Performance

Shares of THC opened at $147.99 on Friday. The firm has a market capitalization of $14.07 billion, a P/E ratio of 4.74, a PEG ratio of 0.69 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The business has a fifty day moving average of $159.24 and a 200 day moving average of $147.72. Tenet Healthcare has a one year low of $65.90 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.60. The business had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.44 EPS. As a group, sell-side analysts anticipate that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare 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 transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 64.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,599 shares of company stock worth $2,830,834 in the last quarter. 0.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of THC. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare during the 2nd quarter valued at $28,000. Plato Investment Management Ltd acquired a new position in shares of Tenet Healthcare in the third quarter valued at about $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare during the third quarter worth $30,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at about $31,000. Finally, Blue Trust Inc. lifted its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring an additional 120 shares during the period. Institutional investors own 95.44% of the company’s stock.

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.