Truist Financial Cuts Tenet Healthcare (NYSE:THC) Price Target to $175.00

Tenet Healthcare (NYSE:THC) had its price target reduced by Truist Financial from $190.00 to $175.00 in a research report released on Monday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts also recently commented on the stock. KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. UBS Group boosted their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group cut shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and reduced their target price for the company from $196.00 to $140.00 in a research report on Monday, December 16th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $175.00 target price on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Finally, StockNews.com cut shares of Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $165.00.

Tenet Healthcare Price Performance

Shares of THC opened at $130.08 on Monday. The company has a market cap of $12.37 billion, a price-to-earnings ratio of 4.17, a PEG ratio of 0.61 and a beta of 2.06. Tenet Healthcare has a 1-year low of $78.00 and a 1-year high of $171.20. The company’s fifty day simple moving average is $142.23 and its 200 day simple moving average is $148.29. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35.

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

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the 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 approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently modified their holdings of the business. Legacy Capital Group California Inc. bought a new position in shares of Tenet Healthcare during the 3rd quarter worth approximately $1,055,000. Caprock Group LLC bought a new position in Tenet Healthcare during the 2nd quarter valued at $477,000. Intech Investment Management LLC lifted its stake in Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock valued at $13,174,000 after acquiring an additional 24,385 shares in the last quarter. Swiss National Bank lifted its stake 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 acquiring an additional 15,200 shares in the last quarter. Finally, Estate Counselors LLC bought a new position in Tenet Healthcare during the 3rd quarter valued at $1,792,000. 95.44% of the stock is currently 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.