Tenet Healthcare Corp. (THC) Stock Rating Upgraded by Zacks Investment Research
Tenet Healthcare Corp. (NYSE:THC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $24.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.34% from the stock’s current price.
According to Zacks, “Tenet Healthcare’s consistent growth in operating revenues backed by its prudent inorganic growth story remains the major strength. In addition, frequent product launches and sound capital structure also help in driving profitability. The company also enjoys a strong competitive advantage in benefiting from extended insurance coverage. Going ahead, the Vanguard acquisition, divestitures and an impressive inorganic profile are expected to be accretive to earnings as well. However, for serving a large number of uninsured and underinsured patients with a high burden of co-payments and deductibles, the company has a high level of uncollectible accounts and suffering from rising bad debts. It also has been experiencing high levels of operating expenses over past few years. Deployment of a substantial part of its cash flow in paying the interests on its debts also keeps the bottom line under pressure.”
A number of other equities analysts have also recently issued reports on THC. Ladenburg Thalmann upgraded shares of Tenet Healthcare Corp. from a “not rated” rating to an “underperform” rating in a research report on Monday, June 13th. Credit Suisse Group AG reiterated a “hold” rating on shares of Tenet Healthcare Corp. in a research report on Tuesday, June 28th. Leerink Swann reiterated a “market perform” rating and set a $28.00 price objective (down from $30.00) on shares of Tenet Healthcare Corp. in a research report on Sunday, September 4th. Morgan Stanley reiterated a “hold” rating and set a $38.00 price objective on shares of Tenet Healthcare Corp. in a research report on Tuesday, August 2nd. Finally, Citigroup Inc. reduced their target price on shares of Tenet Healthcare Corp. from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $33.07.
Shares of Tenet Healthcare Corp. (NYSE:THC) traded down 0.64% during trading on Tuesday, reaching $21.61. 802,654 shares of the company’s stock were exchanged. Tenet Healthcare Corp. has a 52-week low of $20.93 and a 52-week high of $38.75. The stock’s market cap is $2.15 billion. The stock’s 50 day moving average price is $23.40 and its 200-day moving average price is $27.80.
Tenet Healthcare Corp. (NYSE:THC) last issued its earnings results on Monday, August 1st. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.52 by $0.14. The firm earned $4.87 billion during the quarter, compared to analyst estimates of $4.82 billion. Tenet Healthcare Corp. had a negative net margin of 1.15% and a positive return on equity of 14.47%. Tenet Healthcare Corp.’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share. On average, equities research analysts forecast that Tenet Healthcare Corp. will post $1.54 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of THC. Tower Research Capital LLC TRC increased its position in Tenet Healthcare Corp. by 222.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,647 shares of the company’s stock valued at $101,000 after buying an additional 2,515 shares during the last quarter. US Bancorp DE increased its position in Tenet Healthcare Corp. by 0.9% in the second quarter. US Bancorp DE now owns 3,879 shares of the company’s stock valued at $107,000 after buying an additional 33 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Tenet Healthcare Corp. during the second quarter valued at $142,000. Acadian Asset Management LLC increased its position in Tenet Healthcare Corp. by 1,534.5% in the second quarter. Acadian Asset Management LLC now owns 6,211 shares of the company’s stock valued at $171,000 after buying an additional 5,831 shares during the last quarter. Finally, Acrospire Investment Management LLC increased its position in Tenet Healthcare Corp. by 142.6% in the second quarter. Acrospire Investment Management LLC now owns 6,975 shares of the company’s stock valued at $193,000 after buying an additional 4,100 shares during the last quarter.
Tenet Healthcare Corp. Company Profile
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer.
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