Truist Financial Lowers Tenet Healthcare (NYSE:THC) Price Target to $175.00

Tenet Healthcare (NYSE:THC - Get Free Report) had its price objective dropped by investment analysts at Truist Financial from $190.00 to $175.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 39.23% from the stock's current price.

A number of other research firms have also weighed in on THC. Barclays upped their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. 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 report on Wednesday, October 30th. The Goldman Sachs Group cut Tenet Healthcare from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $196.00 to $140.00 in a research report on Monday, December 16th. KeyCorp initiated coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an "overweight" rating and a $200.00 price target for the company. Finally, Raymond James downgraded shares of Tenet Healthcare from a "strong-buy" rating to an "outperform" rating and set a $195.00 target price on the stock. in a research note on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $165.94.

Tenet Healthcare Stock Performance

Shares of THC traded up $3.04 during trading hours on Monday, hitting $125.69. The company's stock had a trading volume of 1,370,300 shares, compared to its average volume of 1,180,367. The business has a 50 day simple moving average of $143.47 and a two-hundred day simple moving average of $148.45. The company has a market cap of $11.95 billion, a price-to-earnings ratio of 4.03, a PEG ratio of 0.61 and a beta of 2.06. Tenet Healthcare has a 52-week low of $75.83 and a 52-week high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the prior year, the business posted $1.44 earnings per share. The business's quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts expect that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legacy Capital Group California Inc. bought a new position in Tenet Healthcare in the 3rd quarter worth $1,055,000. Caprock Group LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at approximately $477,000. Intech Investment Management LLC grew its holdings in shares of Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company's stock worth $13,174,000 after acquiring an additional 24,385 shares during the period. Swiss National Bank lifted its stake in shares of Tenet Healthcare by 8.7% in the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company's stock valued at $31,711,000 after purchasing an additional 15,200 shares during the period. Finally, Estate Counselors LLC purchased a new stake in Tenet Healthcare in the third quarter worth $1,792,000. 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.