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

Tenet Healthcare (NYSE:THC - Get Free Report) was downgraded by analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.

A number of other analysts have also recently commented on the stock. Truist Financial restated a "buy" rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. UBS Group upped their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. KeyCorp began coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an "overweight" rating and a $200.00 target price for the company. Royal Bank of Canada raised their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and issued a $175.00 target price on shares of Tenet Healthcare in a report on Tuesday. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $166.88.

Tenet Healthcare Trading Down 0.9 %

Shares of NYSE:THC traded down $1.22 on Tuesday, hitting $132.55. The company had a trading volume of 1,315,115 shares, compared to its average volume of 1,226,815. Tenet Healthcare has a 1 year low of $73.21 and a 1 year high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The firm's 50-day simple moving average is $151.34 and its two-hundred day simple moving average is $149.37. The firm has a market capitalization of $12.61 billion, a price-to-earnings ratio of 4.25, a P/E/G ratio of 0.63 and a beta of 2.06.

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 the consensus estimate 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 return on equity of 24.05% and a net margin of 14.91%. The business's revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.44 EPS. Equities analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the firm's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Tenet Healthcare

Institutional investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. boosted its position in shares of Tenet Healthcare by 101.3% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,894 shares of the company's stock worth $1,281,000 after acquiring an additional 3,973 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Tenet Healthcare by 46.6% during the 3rd quarter. Retirement Systems of Alabama now owns 176,757 shares of the company's stock valued at $29,377,000 after purchasing an additional 56,193 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Tenet Healthcare by 11.9% in the third quarter. Franklin Resources Inc. now owns 457,704 shares of the company's stock worth $71,077,000 after purchasing an additional 48,580 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of Tenet Healthcare by 470.5% in the third quarter. Sanctuary Advisors LLC now owns 15,289 shares of the company's stock worth $2,541,000 after buying an additional 12,609 shares in the last quarter. Finally, Arete Wealth Advisors LLC purchased a new position in Tenet Healthcare during the 3rd quarter valued at approximately $363,000. 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.

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