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

Tenet Healthcare (NYSE:THC) had its price objective trimmed by Truist Financial from $190.00 to $175.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently weighed in on THC. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday, November 22nd. StockNews.com downgraded shares of Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 17th. Barclays raised their price objective 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 raised their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $205.00 to $150.00 in a report on Monday, November 25th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.00.

Tenet Healthcare Price Performance

NYSE THC opened at $130.08 on Monday. 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 company has a fifty day simple moving average of $142.23 and a 200 day simple moving average of $148.29. The company has a market cap of $12.37 billion, a P/E ratio of 4.17, a P/E/G ratio of 0.61 and a beta of 2.06. Tenet Healthcare has a 1 year low of $78.00 and a 1 year high of $171.20.

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

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare 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 transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $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 can be accessed through this link. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc lifted its stake in Tenet Healthcare by 7.8% in the second quarter. CIBC Asset Management Inc now owns 2,793 shares of the company’s stock valued at $372,000 after buying an additional 202 shares in the last quarter. TD Asset Management Inc lifted its stake in Tenet Healthcare by 22.6% in the second quarter. TD Asset Management Inc now owns 144,654 shares of the company’s stock valued at $19,243,000 after buying an additional 26,698 shares in the last quarter. Savant Capital LLC lifted its stake in Tenet Healthcare by 65.6% in the second quarter. Savant Capital LLC now owns 7,522 shares of the company’s stock valued at $1,001,000 after buying an additional 2,979 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares in the last quarter. Finally, Caprock Group LLC bought a new position in Tenet Healthcare in the second quarter valued at approximately $477,000. 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.