Tenet Healthcare Corp. (THC) Downgraded by Bank of America Corp.
Bank of America Corp. downgraded shares of Tenet Healthcare Corp. (NYSE:THC) from a buy rating to a neutral rating in a research report report published on Wednesday. Bank of America Corp. currently has $25.00 price objective on the stock, down from their previous price objective of $32.00.
Several other research analysts have also recently weighed in on the stock. Barclays PLC restated a buy rating and set a $39.00 price target on shares of Tenet Healthcare Corp. in a report on Friday, August 19th. Zacks Investment Research upgraded shares of Tenet Healthcare Corp. from a hold rating to a buy rating and set a $24.00 price target on the stock in a report on Tuesday, October 4th. TheStreet cut shares of Tenet Healthcare Corp. from a hold rating to a sell rating in a report on Friday, October 7th. Wolfe Research initiated coverage on shares of Tenet Healthcare Corp. in a report on Tuesday, October 25th. They set a market perform rating on the stock. Finally, Mizuho cut their price target on shares of Tenet Healthcare Corp. from $28.00 to $22.00 and set a neutral rating on the stock in a report on Wednesday, October 5th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. Tenet Healthcare Corp. currently has a consensus rating of Hold and a consensus target price of $31.57.
Shares of Tenet Healthcare Corp. (NYSE:THC) opened at 14.55 on Wednesday. Tenet Healthcare Corp. has a 12 month low of $14.06 and a 12 month high of $35.35. The firm’s market cap is $1.43 billion. The stock has a 50 day moving average price of $20.90 and a 200 day moving average price of $25.96.
Tenet Healthcare Corp. (NYSE:THC) last posted its quarterly earnings results on Monday, October 31st. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by $0.01. The company earned $4.85 billion during the quarter, compared to analyst estimates of $2.28 billion. Tenet Healthcare Corp. had a positive return on equity of 12.75% and a negative net margin of 1.04%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 earnings per share. On average, equities research analysts expect that Tenet Healthcare Corp. will post $1.19 EPS for the current year.
In other news, Director Peter M. Wilver bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were purchased at an average price of $15.19 per share, for a total transaction of $75,950.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at $75,950. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.90% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. NEXT Financial Group Inc raised its stake in shares of Tenet Healthcare Corp. by 14.7% in the second quarter. NEXT Financial Group Inc now owns 7,425 shares of the company’s stock worth $205,000 after buying an additional 950 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Tenet Healthcare Corp. by 60.7% in the second quarter. BNP Paribas Arbitrage SA now owns 112,767 shares of the company’s stock worth $3,117,000 after buying an additional 42,603 shares in the last quarter. Iguana Healthcare Management LLC raised its stake in shares of Tenet Healthcare Corp. by 126.1% in the first quarter. Iguana Healthcare Management LLC now owns 169,550 shares of the company’s stock worth $4,905,000 after buying an additional 94,550 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of Tenet Healthcare Corp. by 376.9% in the first quarter. Squarepoint Ops LLC now owns 34,876 shares of the company’s stock worth $1,009,000 after buying an additional 27,563 shares in the last quarter. Finally, Bridger Management LLC purchased a new stake in shares of Tenet Healthcare Corp. during the first quarter worth approximately $25,113,000.
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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