Weiss Ratings Reiterates "Hold (C+)" Rating for Tenet Healthcare (NYSE:THC)

Key Points

• Weiss Ratings has restated its "Hold (C+)" rating for Tenet Healthcare (NYSE:THC), amidst various mixed ratings from other analysts, with average target price estimates around $209.25.
• Tenet Healthcare reported a quarterly earnings EPS of $4.02, exceeding estimates and showing a 3.2% year-over-year revenue growth.
• Insider sales were significant, including CEO Saumya Sutaria, who sold 78,762 shares on September 10, indicating a 17.60% decrease in ownership.

Tenet Healthcare (NYSE:THC - Get Free Report)'s stock had its "hold (c+)" rating restated by analysts at Weiss Ratings in a note issued to investors on Friday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the stock. UBS Group boosted their price target on shares of Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Raymond James Financial reissued an "outperform" rating and issued a $200.00 price target (up previously from $185.00) on shares of Tenet Healthcare in a report on Wednesday, July 23rd. Wells Fargo & Company boosted their price target on shares of Tenet Healthcare from $200.00 to $238.00 and gave the stock an "overweight" rating in a report on Tuesday, October 7th. Wolfe Research lowered shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a report on Monday, July 28th. Finally, Truist Financial set a $225.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $209.25.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $210.62 on Friday. The firm has a market cap of $18.61 billion, a PE ratio of 13.48, a PEG ratio of 0.89 and a beta of 1.52. The firm has a fifty day moving average of $192.69 and a 200 day moving average of $169.55. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71. Tenet Healthcare has a one year low of $109.82 and a one year high of $217.43.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, topping the consensus estimate of $2.84 by $1.18. The company had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The firm's revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.31 EPS. As a group, research analysts predict that Tenet Healthcare will post 12.24 EPS for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 78,762 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total value of $15,026,214.36. Following the completion of the sale, the chief executive officer owned 368,683 shares of the company's stock, valued at approximately $70,337,342.74. This represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Lisa Y. Foo sold 8,000 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total transaction of $1,436,240.00. Following the completion of the sale, the executive vice president directly owned 20,878 shares of the company's stock, valued at $3,748,227.34. This represents a 27.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,722 shares of company stock valued at $17,161,015. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. MGO One Seven LLC lifted its position in Tenet Healthcare by 3.8% in the third quarter. MGO One Seven LLC now owns 2,231 shares of the company's stock valued at $453,000 after buying an additional 82 shares during the last quarter. Oliver Luxxe Assets LLC lifted its position in Tenet Healthcare by 5.7% in the third quarter. Oliver Luxxe Assets LLC now owns 5,998 shares of the company's stock valued at $1,218,000 after buying an additional 322 shares during the last quarter. Venturi Wealth Management LLC lifted its position in Tenet Healthcare by 7.4% in the third quarter. Venturi Wealth Management LLC now owns 1,349 shares of the company's stock valued at $274,000 after buying an additional 93 shares during the last quarter. Tran Capital Management L.P. lifted its position in Tenet Healthcare by 2.9% in the third quarter. Tran Capital Management L.P. now owns 36,472 shares of the company's stock valued at $7,405,000 after buying an additional 1,034 shares during the last quarter. Finally, HB Wealth Management LLC acquired a new position in Tenet Healthcare in the third quarter valued at about $342,000. Institutional investors and hedge funds own 95.44% of the company's stock.

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.

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