Truist Financial Has Lowered Expectations for Tenet Healthcare (NYSE:THC) Stock Price

Tenet Healthcare (NYSE:THC) had its price objective decreased by research analysts at Truist Financial from $190.00 to $175.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 35.71% from the stock’s previous close.

Other analysts also recently issued reports about the stock. KeyCorp started coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target on the stock. UBS Group boosted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $205.00 to $150.00 in a report on Monday, November 25th. Barclays raised their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a research note on Friday, November 22nd. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.00.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $128.95 on Monday. The firm’s 50 day moving average is $142.79 and its two-hundred day moving average is $148.42. The firm has a market capitalization of $12.26 billion, a P/E ratio of 4.13, a PEG ratio of 0.61 and a beta of 2.06. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare has a 52 week low of $75.83 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.60. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.44 EPS. Analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Tenet Healthcare by 88.0% in the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after purchasing an additional 3,604,161 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Tenet Healthcare by 23.6% in the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock worth $339,893,000 after buying an additional 390,316 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after acquiring an additional 321,789 shares during the last quarter. Iron Triangle Partners LP acquired a new stake in Tenet Healthcare in the 3rd quarter worth approximately $51,346,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after purchasing an additional 245,875 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.