The Goldman Sachs Group downgraded shares of Tenet Healthcare (NYSE:THC – Free Report) from a buy rating to a neutral rating in a report issued on Monday, Marketbeat.com reports. The Goldman Sachs Group currently has $140.00 price target on the stock, down from their previous price target of $196.00.
Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company cut Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $205.00 to $150.00 in a report on Monday, November 25th. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Truist Financial reiterated a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. UBS Group raised their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $166.88.
View Our Latest Research Report on Tenet Healthcare
Tenet Healthcare Price Performance
Tenet Healthcare (NYSE:THC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion for 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 business’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.44 earnings per share. Equities analysts forecast that Tenet Healthcare will post 11.38 EPS for the current year.
Insider Buying and Selling at Tenet Healthcare
In related news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred 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 directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.93% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the stock. Plato Investment Management Ltd purchased a new stake in shares of Tenet Healthcare during the third quarter valued at $28,000. ORG Wealth Partners LLC acquired a new position in shares of Tenet Healthcare in the third quarter valued at about $30,000. Financial Management Professionals Inc. raised its stake in shares of Tenet Healthcare by 2,222.2% in the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock worth $35,000 after purchasing an additional 200 shares during the last quarter. Innealta Capital LLC purchased a new stake in Tenet Healthcare in the second quarter valued at approximately $28,000. Finally, True Wealth Design LLC purchased a new position in Tenet Healthcare during the 3rd quarter worth approximately $38,000. 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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