Tenet Healthcare (NYSE:THC) Lowered to Equal Weight Rating by Wells Fargo & Company

Tenet Healthcare (NYSE:THC) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Monday,Briefing.com Automated Import reports. They presently have a $150.00 price objective on the stock, down from their previous price objective of $205.00. Wells Fargo & Company‘s target price would indicate a potential upside of 4.44% from the stock’s previous close.

Several other research analysts also recently commented on the company. Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective for the company. in a research note on Friday. The Goldman Sachs Group boosted their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Truist Financial restated a “buy” rating and issued a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald increased their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Two equities research 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’s stock. Based on data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Stock Down 2.9 %

Shares of NYSE:THC opened at $143.63 on Monday. 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 firm has a market capitalization of $13.66 billion, a PE ratio of 4.60, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. The business has a 50 day simple moving average of $158.86 and a two-hundred day simple moving average of $148.21.

Tenet Healthcare (NYSE:THC) last issued its earnings results 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 analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.44 earnings per share. On average, equities analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Activity

In related news, insider R. Scott Ramsey sold 11,599 shares of the business’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 transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The trade was a 64.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,599 shares of company stock valued at $2,830,834. 0.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of THC. Plato Investment Management Ltd purchased a new stake in shares of Tenet Healthcare during the third quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth approximately $30,000. Financial Management Professionals Inc. grew its holdings in Tenet Healthcare by 2,222.2% during the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock worth $35,000 after acquiring an additional 200 shares during the period. Innealta Capital LLC purchased a new position in Tenet Healthcare in the second quarter worth $28,000. Finally, True Wealth Design LLC acquired a new stake in shares of Tenet Healthcare during the 3rd quarter valued at approximately $38,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.