Tenet Healthcare (NYSE:THC) Cut to Neutral at The Goldman Sachs Group

Tenet Healthcare (NYSE:THC) was downgraded by research analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued on Monday,Briefing.com Automated Import reports. They presently have a $140.00 price objective on the stock, down from their previous price objective of $196.00. The Goldman Sachs Group’s price objective suggests a potential upside of 2.41% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Barclays boosted their target price on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. KeyCorp began 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. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $205.00 to $150.00 in a research report on Monday, November 25th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and a consensus price target of $164.69.

Tenet Healthcare Trading Up 1.0 %

Shares of Tenet Healthcare stock opened at $136.71 on Monday. The company has a market cap of $13.00 billion, a P/E ratio of 4.38, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. Tenet Healthcare has a fifty-two week low of $73.21 and a fifty-two week high of $171.20. The firm has a 50-day simple moving average of $152.09 and a two-hundred day simple moving average of $149.38. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58.

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

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Tenet Healthcare by 88.0% during the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after acquiring an additional 3,604,161 shares during the last quarter. Geode Capital Management LLC boosted its stake in Tenet Healthcare by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock worth $339,893,000 after purchasing an additional 390,316 shares during the period. Marshall Wace LLP increased its stake in Tenet Healthcare by 7.3% in the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after purchasing an additional 48,626 shares during the period. Farallon Capital Management LLC boosted its stake in shares of Tenet Healthcare by 7.8% during the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after buying an additional 50,000 shares during the period. Finally, Integral Health Asset Management LLC increased its position in Tenet Healthcare by 17.6% in the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after acquiring an additional 75,000 shares during the period. Hedge funds and other institutional investors 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.