Tenet Healthcare (NYSE:THC) Given Overweight Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a research report report published on Tuesday morning, MarketBeat reports. JPMorgan Chase & Co. currently has a $175.00 price objective on the stock.

Several other brokerages have also weighed in on THC. Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. UBS Group raised their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock 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 decreased their target price for the company from $196.00 to $140.00 in a research report on Monday. Truist Financial reissued a “buy” rating and issued a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Finally, KeyCorp assumed coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Moderate Buy” and a consensus price target of $166.88.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $125.70 on Tuesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The business’s 50 day moving average price is $150.26 and its 200 day moving average price is $149.05. The company has a market cap of $11.95 billion, a price-to-earnings ratio of 4.03, a PEG ratio of 0.61 and a beta of 2.06. Tenet Healthcare has a one year low of $73.21 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data 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%. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.44 earnings per share. On average, research analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now 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 legal filing with the SEC, which can be accessed through this link. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at $28,000. Plato Investment Management Ltd acquired a new stake in shares of Tenet Healthcare during the third quarter worth about $28,000. ORG Wealth Partners LLC acquired a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $30,000. Blue Trust Inc. increased its position in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Tenet Healthcare in the second quarter valued at approximately $34,000. 95.44% of the stock is currently owned by hedge funds and other 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.