Tenet Healthcare (NYSE:THC) Downgraded by Wells Fargo & Company to “Equal Weight”

Tenet Healthcare (NYSE:THC) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Monday,Briefing.com Automated Import reports. They presently have a $150.00 target price on the stock, down from their previous target price of $205.00. Wells Fargo & Company‘s price target indicates a potential upside of 4.44% from the company’s current price.

Several other analysts also recently issued reports on THC. UBS Group increased their price target on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Truist Financial reiterated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective for the company. in a research report on Friday. The Goldman Sachs Group boosted their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock opened at $143.63 on Monday. The stock has a market capitalization of $13.66 billion, a P/E ratio of 4.60, a PEG ratio of 0.64 and a beta of 2.15. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The business’s fifty day moving average price is $158.86 and its 200 day moving average price is $148.21. Tenet Healthcare has a twelve month low of $65.90 and a twelve month high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.44 EPS. As a group, research 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 on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,599 shares of company stock worth $2,830,834. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds have recently bought and sold shares of THC. Arete Wealth Advisors LLC bought a new stake in shares of Tenet Healthcare in the 3rd quarter valued at approximately $363,000. Coldstream Capital Management Inc. grew its position in Tenet Healthcare by 2.2% in the third quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after acquiring an additional 74 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Tenet Healthcare by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after purchasing an additional 390,316 shares in the last quarter. MidWestOne Financial Group Inc. boosted its holdings in Tenet Healthcare by 6.8% in the third quarter. MidWestOne Financial Group Inc. now owns 11,078 shares of the company’s stock worth $1,841,000 after purchasing an additional 705 shares in the last quarter. Finally, Vestcor Inc raised its holdings in Tenet Healthcare by 243.3% during the third quarter. Vestcor Inc now owns 7,416 shares of the company’s stock valued at $1,233,000 after buying an additional 5,256 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.