JPMorgan Chase & Co. Reiterates Overweight Rating for Tenet Healthcare (NYSE:THC)

Tenet Healthcare (NYSE:THC)‘s stock had its “overweight” rating reaffirmed by equities researchers at JPMorgan Chase & Co. in a report released on Tuesday, Marketbeat reports. They presently have a $175.00 price target on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 37.30% from the company’s previous close.

THC has been the topic of several other reports. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Cantor Fitzgerald increased their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $205.00 to $150.00 in a research note on Monday, November 25th. Finally, Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and a consensus target price of $166.88.

Tenet Healthcare Stock Down 3.8 %

THC opened at $127.46 on Tuesday. The company has a fifty day moving average of $150.81 and a two-hundred day moving average of $149.22. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare has a fifty-two week low of $73.21 and a fifty-two week high of $171.20. The stock has a market capitalization of $12.12 billion, a price-to-earnings ratio of 4.08, a PEG ratio of 0.61 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last issued its quarterly 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 company 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%. Tenet Healthcare’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.44 earnings per share. On average, research analysts expect that Tenet Healthcare will post 11.38 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Lisa Y. Foo sold 4,000 shares of the 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 transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This 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 this hyperlink. 0.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Tenet Healthcare

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Legacy Capital Group California Inc. purchased a new stake in Tenet Healthcare during the 3rd quarter worth approximately $1,055,000. Caprock Group LLC purchased a new stake in shares of Tenet Healthcare during the second quarter worth $477,000. Intech Investment Management LLC raised its stake in shares of Tenet Healthcare by 44.4% in the third quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock valued at $13,174,000 after acquiring an additional 24,385 shares in the last quarter. Swiss National Bank grew its stake in Tenet Healthcare by 8.7% during the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock worth $31,711,000 after purchasing an additional 15,200 shares in the last quarter. Finally, Hancock Whitney Corp increased its holdings in Tenet Healthcare by 175.9% during the 3rd quarter. Hancock Whitney Corp now owns 94,826 shares of the company’s stock worth $15,760,000 after purchasing an additional 60,453 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.