Raymond James Downgrades Tenet Healthcare (NYSE:THC) to Outperform

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

THC has been the subject of a number of other research reports. Citigroup raised their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. KeyCorp started coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. Wells Fargo & Company lifted their target price on Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. 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. Finally, Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $171.63.

Tenet Healthcare Stock Down 2.5 %

Shares of Tenet Healthcare stock opened at $147.99 on Friday. Tenet Healthcare has a 1 year low of $65.90 and a 1 year high of $171.20. 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 50-day moving average of $159.24 and a two-hundred day moving average of $147.72. The company has a market capitalization of $14.07 billion, a P/E ratio of 4.74, a price-to-earnings-growth ratio of 0.69 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data 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 company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. Tenet Healthcare’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 earnings per share. As a group, equities analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,599 shares of company stock worth $2,830,834 in the last ninety days. 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 company. Legacy Capital Group California Inc. purchased a new position in shares of Tenet Healthcare during the third quarter valued at approximately $1,055,000. Diversified Trust Co purchased a new stake in Tenet Healthcare in the second quarter worth about $558,000. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after purchasing an additional 7,078 shares during the last quarter. Caprock Group LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter worth approximately $477,000. Finally, QRG Capital Management Inc. increased its position in Tenet Healthcare by 198.8% during the 2nd quarter. QRG Capital Management Inc. now owns 7,856 shares of the company’s stock valued at $1,045,000 after buying an additional 5,227 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

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.