Tenet Healthcare (NYSE:THC) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Tenet Healthcare (NYSE:THC) from a buy rating to a hold rating in a report released on Thursday morning.

Several other research firms have also recently commented on THC. Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 target price on shares of Tenet Healthcare in a research note on Thursday. Truist Financial cut their target price on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Barclays decreased their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research note on Thursday. Royal Bank of Canada raised their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, KeyCorp lowered their target price on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.19.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $133.02 on Thursday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The stock has a market capitalization of $12.65 billion, a price-to-earnings ratio of 4.26, a price-to-earnings-growth ratio of 0.63 and a beta of 2.05. The business has a 50-day moving average of $133.43 and a 200 day moving average of $148.26. Tenet Healthcare has a 12 month low of $87.06 and a 12 month high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. As a group, sell-side analysts forecast that Tenet Healthcare will post 11.37 earnings per share for the current year.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently modified their holdings of THC. Plato Investment Management Ltd purchased a new stake in Tenet Healthcare in the 3rd quarter valued at $28,000. Financial Management Professionals Inc. raised its holdings 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 valued at $35,000 after buying an additional 200 shares during the last quarter. True Wealth Design LLC purchased a new position in shares of Tenet Healthcare during the third quarter worth about $38,000. WR Wealth Planners LLC increased its position in Tenet Healthcare by 2,836.4% in the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock valued at $41,000 after acquiring an additional 312 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in Tenet Healthcare by 30.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock worth $59,000 after acquiring an additional 110 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

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.