Tenet Healthcare Corp Upgraded by Zacks to “Outperform” (THC)
Tenet Healthcare Corp (NYSE:THC) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued on Tuesday. The firm currently has a $72.00 target price on the stock. Zacks‘s price target would indicate a potential upside of 20.20% from the stock’s previous close.
Zacks’ analyst wrote, “We are upgrading our recommendation on Tenet Healthcare to Outperform based on the incremental synergies from acquisitions, higher revenues and growth in the outpatient business. The company’s second-quarter earnings surpassed the Zacks Consensus Estimate but declined year over year due to higher operating expenses. However, top line improved significantly driven by higher patient volume and improvements in commercial managed care contracts and Conifer services business. Going ahead, the Vanguard acquisition, implementation of the ACA and the extension of the Aetna contract are expected to be accretive to earnings. Although, overhang of lawsuits raise concern, product launches, acquisition and addition of new outpatient facilities and hospital remain impressive. “
Tenet Healthcare Corp (NYSE:THC) traded up 0.67% during mid-day trading on Tuesday, hitting $60.30. 766,813 shares of the company’s stock traded hands. Tenet Healthcare Corp has a 52 week low of $36.87 and a 52 week high of $60.91. The stock’s 50-day moving average is $52.91 and its 200-day moving average is $46.73. The company’s market cap is $5.904 billion.
Tenet Healthcare Corp (NYSE:THC) last posted its quarterly earnings results on Monday, August 4th. The company reported ($0.27) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.01 by $0.28. The company had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter last year, the company posted $0.66 earnings per share. Tenet Healthcare Corp’s revenue was up 66.9% compared to the same quarter last year. Analysts expect that Tenet Healthcare Corp will post $1.37 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on THC. Analysts at RBC Capital raised their price target on shares of Tenet Healthcare Corp from $43.00 to $62.00 in a research note on Thursday, August 14th. They now have a “sector perform” rating on the stock. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Tenet Healthcare Corp in a research note on Wednesday, August 6th. They now have a $66.00 price target on the stock, up previously from $52.00. Finally, analysts at Credit Suisse reiterated a “neutral” rating on shares of Tenet Healthcare Corp in a research note on Wednesday, August 6th. They now have a $63.00 price target on the stock, up previously from $51.00. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Tenet Healthcare Corp currently has an average rating of “Hold” and a consensus price target of $64.03.
In other Tenet Healthcare Corp news, CEO Trevor Fetter unloaded 33,642 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $60.01, for a total value of $2,018,856.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Tenet Healthcare Corporation (NYSE:THC) along with its subsidiaries, is an investor-owned health care services company.
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