Tenet Healthcare Corp. (THC) Stock Rating Lowered by Raymond James Financial Inc.
Tenet Healthcare Corp. (NYSE:THC) was downgraded by analysts at Raymond James Financial Inc. from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday.
Several other equities research analysts have also recently issued reports on the company. Bank of America Corp. cut Tenet Healthcare Corp. from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $32.00 to $25.00 in a report on Wednesday, November 9th. Wolfe Research assumed coverage on Tenet Healthcare Corp. in a report on Tuesday, October 25th. They set a “market perform” rating on the stock. TheStreet cut Tenet Healthcare Corp. from a “hold” rating to a “sell” rating in a report on Friday, October 7th. Mizuho decreased their price objective on Tenet Healthcare Corp. from $28.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, October 5th. Finally, Zacks Investment Research upgraded Tenet Healthcare Corp. from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, October 4th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $31.57.
Shares of Tenet Healthcare Corp. (NYSE:THC) opened at 14.55 on Thursday. Tenet Healthcare Corp. has a one year low of $14.06 and a one year high of $35.35. The stock’s market cap is $1.43 billion. The firm’s 50-day moving average price is $20.90 and its 200 day moving average price is $25.96.
Tenet Healthcare Corp. (NYSE:THC) last posted its quarterly earnings data on Monday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by $0.01. Tenet Healthcare Corp. had a positive return on equity of 12.75% and a negative net margin of 1.04%. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter last year, the business earned $0.29 EPS. Tenet Healthcare Corp.’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts expect that Tenet Healthcare Corp. will post $1.19 EPS for the current fiscal year.
In other Tenet Healthcare Corp. news, Director Peter M. Wilver bought 5,000 shares of the company’s stock in a transaction dated Wednesday, November 9th. The shares were acquired at an average cost of $15.19 per share, with a total value of $75,950.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at $75,950. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in THC. Bridger Management LLC purchased a new stake in shares of Tenet Healthcare Corp. during the first quarter valued at $25,113,000. State Street Corp raised its stake in shares of Tenet Healthcare Corp. by 0.5% in the first quarter. State Street Corp now owns 3,613,092 shares of the company’s stock valued at $104,526,000 after buying an additional 16,880 shares in the last quarter. Harris Associates L P raised its stake in shares of Tenet Healthcare Corp. by 0.7% in the second quarter. Harris Associates L P now owns 8,333,793 shares of the company’s stock valued at $230,346,000 after buying an additional 60,200 shares in the last quarter. Nomura Holdings Inc. raised its stake in shares of Tenet Healthcare Corp. by 26.3% in the second quarter. Nomura Holdings Inc. now owns 10,355 shares of the company’s stock valued at $286,000 after buying an additional 2,157 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Tenet Healthcare Corp. by 1.1% in the first quarter. Geode Capital Management LLC now owns 793,231 shares of the company’s stock valued at $22,910,000 after buying an additional 8,677 shares in the last quarter.
About Tenet Healthcare Corp.
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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