Royal Bank of Canada Reiterates “Hold” Rating for Tenet Healthcare (NYSE:THC)

Tenet Healthcare (NYSE:THC)‘s stock had its “hold” rating reissued by stock analysts at Royal Bank of Canada in a note issued to investors on Sunday, August 11th, AnalystRatings.com reports. They currently have a $26.00 target price on the stock. Royal Bank of Canada’s target price indicates a potential upside of 20.09% from the stock’s current price.

Several other research analysts have also issued reports on the company. Barclays set a $24.00 price target on Tenet Healthcare and gave the stock a “hold” rating in a research report on Wednesday, April 17th. TheStreet lowered Tenet Healthcare from a “c” rating to a “d+” rating in a research report on Monday, May 13th. ValuEngine lowered Tenet Healthcare from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 1st. Finally, SunTrust Banks set a $24.00 target price on Tenet Healthcare and gave the stock a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Tenet Healthcare has an average rating of “Hold” and a consensus price target of $28.62.

Shares of NYSE THC traded up $0.57 during midday trading on Friday, hitting $21.65. The stock had a trading volume of 765,114 shares, compared to its average volume of 1,184,044. The company’s 50-day simple moving average is $20.65 and its 200 day simple moving average is $23.27. The firm has a market cap of $2.24 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 0.57 and a beta of 1.65. Tenet Healthcare has a fifty-two week low of $16.60 and a fifty-two week high of $34.19. The company has a debt-to-equity ratio of 19.96, a current ratio of 1.13 and a quick ratio of 1.06.

Tenet Healthcare (NYSE:THC) last released its earnings results on Monday, August 5th. The company reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.12. The company had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Tenet Healthcare had a positive return on equity of 28.95% and a negative net margin of 0.09%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the firm earned $0.49 EPS. Equities analysts expect that Tenet Healthcare will post 2.37 EPS for the current fiscal year.

In other news, major shareholder Glenview Capital Management, L purchased 27,424 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were bought at an average cost of $20.99 per share, for a total transaction of $575,629.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders bought 1,095,808 shares of company stock worth $22,134,747. Corporate insiders own 1.50% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Retirement Systems of Alabama increased its holdings in Tenet Healthcare by 0.6% in the first quarter. Retirement Systems of Alabama now owns 108,254 shares of the company’s stock valued at $3,122,000 after purchasing an additional 611 shares during the period. Marshall Wace North America L.P. boosted its position in shares of Tenet Healthcare by 145.0% during the 1st quarter. Marshall Wace North America L.P. now owns 119,786 shares of the company’s stock worth $3,454,000 after purchasing an additional 70,899 shares in the last quarter. GWM Advisors LLC boosted its position in shares of Tenet Healthcare by 170.4% during the 1st quarter. GWM Advisors LLC now owns 31,789 shares of the company’s stock worth $51,000 after purchasing an additional 20,034 shares in the last quarter. NumerixS Investment Technologies Inc lifted its position in Tenet Healthcare by 9.9% in the 1st quarter. NumerixS Investment Technologies Inc now owns 17,800 shares of the company’s stock valued at $508,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in Tenet Healthcare in the 1st quarter valued at about $1,298,000.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Analyst Recommendations for Tenet Healthcare (NYSE:THC)

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