Tenet Healthcare (NYSE:THC) Rating Lowered to "Hold" at Wall Street Zen

Tenet Healthcare (NYSE:THC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

A number of other equities research analysts also recently weighed in on THC. TD Cowen assumed coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They issued a "buy" rating and a $175.00 price target for the company. Bank of America upped their price target on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. The Goldman Sachs Group upped their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a report on Monday, May 5th. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $150.00 to $195.00 in a report on Thursday, May 29th. Finally, Truist Financial upped their price objective on shares of Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $180.18.

Tenet Healthcare Stock Performance

THC stock opened at $171.36 on Friday. The company has a market capitalization of $15.92 billion, a P/E ratio of 5.32, a PEG ratio of 1.02 and a beta of 1.65. The company has a 50-day simple moving average of $144.43 and a 200 day simple moving average of $137.09. Tenet Healthcare has a fifty-two week low of $109.82 and a fifty-two week high of $174.14. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, topping the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.22 earnings per share. Sell-side analysts predict that Tenet Healthcare will post 12.24 earnings per share for the current fiscal year.

Insider Activity

In other news, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the transaction, the director now owns 27,378 shares in the company, valued at $3,434,022.54. This represents a 25.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James L. Bierman sold 13,836 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $159.58, for a total value of $2,207,948.88. Following the completion of the transaction, the director now owns 41,435 shares in the company, valued at $6,612,197.30. This represents a 25.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,646 shares of company stock worth $10,041,025 in the last 90 days. Company insiders own 0.81% of the company's stock.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Tenet Healthcare in the first quarter worth approximately $26,000. Wayfinding Financial LLC bought a new stake in Tenet Healthcare during the first quarter worth approximately $28,000. SVB Wealth LLC bought a new stake in Tenet Healthcare during the first quarter worth approximately $30,000. N.E.W. Advisory Services LLC bought a new stake in Tenet Healthcare during the first quarter worth approximately $31,000. Finally, Brooklyn Investment Group boosted its position in Tenet Healthcare by 908.7% during the first quarter. Brooklyn Investment Group now owns 232 shares of the company's stock worth $31,000 after purchasing an additional 209 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

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.

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