Tenet Healthcare Corporation (THC) Cut to “Strong Sell” at Zacks Investment Research
Tenet Healthcare Corporation (NYSE:THC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday.
According to Zacks, “Tenet Healthcare’s shares have underperformed the industry in last one year. The company has a high level of uncollectible accounts despite several divestures. Rising level of bad debts over past few quarters has led to a spike in interest expenses that has been weighing on the margins. Its operating expenses have also been rising rapidly putting pressure on the bottom line. The company has seen its Zacks Consensus Estimate for 2017 and 2018 earnings being revised downward in last 60 days. Following the lackluster second-quarter 2017 results, the company has lowered its guidance for 2017.”
THC has been the subject of a number of other reports. Robert W. Baird reissued a “buy” rating and issued a $23.00 price target on shares of Tenet Healthcare Corporation in a report on Thursday, August 24th. Citigroup Inc. reissued a “hold” rating and issued a $16.00 price target on shares of Tenet Healthcare Corporation in a report on Thursday, September 14th. Leerink Swann raised shares of Tenet Healthcare Corporation from a “market perform” rating to an “outperform” rating and set a $27.00 price target for the company in a report on Tuesday, June 6th. Mizuho reissued a “neutral” rating and issued a $14.00 price target on shares of Tenet Healthcare Corporation in a report on Sunday, August 20th. Finally, ValuEngine downgraded shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. Tenet Healthcare Corporation presently has an average rating of “Hold” and an average target price of $21.43.
Shares of Tenet Healthcare Corporation (NYSE THC) traded down 0.70% during midday trading on Tuesday, hitting $15.61. 3,011,124 shares of the stock were exchanged. The stock’s 50 day moving average is $16.02 and its 200 day moving average is $17.48. The firm’s market cap is $1.57 billion. Tenet Healthcare Corporation has a 12-month low of $12.54 and a 12-month high of $24.13.
Tenet Healthcare Corporation (NYSE:THC) last issued its quarterly earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.17). Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. The firm had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the firm earned $0.38 EPS. The business’s revenue was up 204.1% on a year-over-year basis. On average, equities research analysts forecast that Tenet Healthcare Corporation will post $0.82 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in THC. FNY Managed Accounts LLC acquired a new stake in shares of Tenet Healthcare Corporation during the 1st quarter worth about $109,000. PNC Financial Services Group Inc. increased its position in shares of Tenet Healthcare Corporation by 52.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock worth $117,000 after purchasing an additional 2,266 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Tenet Healthcare Corporation by 57.4% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 7,100 shares of the company’s stock worth $126,000 after purchasing an additional 2,590 shares in the last quarter. Riverhead Capital Management LLC increased its position in shares of Tenet Healthcare Corporation by 67.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock worth $152,000 after purchasing an additional 3,161 shares in the last quarter. Finally, Flinton Capital Management LLC increased its position in shares of Tenet Healthcare Corporation by 65.7% during the 2nd quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock worth $153,000 after purchasing an additional 3,128 shares in the last quarter.
Tenet Healthcare Corporation 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’s segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children’s hospitals, two specialty hospitals and one critical access hospital.
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