Tenet Healthcare (NYSE:THC) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Tenet Healthcare (NYSE:THC) from a hold rating to a buy rating in a report issued on Sunday morning.

A number of other brokerages have also recently commented on THC. Truist Financial raised their price objective on Tenet Healthcare from $175.00 to $190.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Bank of America raised their price objective on Tenet Healthcare from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, May 14th. Guggenheim started coverage on Tenet Healthcare in a research report on Wednesday, April 9th. They set a “buy” rating and a $165.00 target price on the stock. UBS Group lifted their target price on Tenet Healthcare from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Finally, Baird R W cut Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus target price of $182.24.

Tenet Healthcare Trading Down 0.8%

Shares of THC stock opened at $164.23 on Friday. The company has a market cap of $15.25 billion, a P/E ratio of 5.10, a PEG ratio of 1.02 and a beta of 1.65. The stock has a 50 day simple moving average of $148.09 and a two-hundred day simple moving average of $137.59. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. Tenet Healthcare has a fifty-two week low of $109.82 and a fifty-two week high of $174.14.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, topping analysts’ consensus estimates of $3.11 by $1.25. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The business had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the previous year, the company posted $3.22 earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts forecast that Tenet Healthcare will post 12.24 earnings per share for the current year.

Insider Buying and Selling

In other Tenet Healthcare news, Director J Robert Kerrey sold 5,001 shares of the business’s stock in a transaction on Friday, May 9th. The stock was sold at an average price of $148.50, for a total value of $742,648.50. Following the sale, the director now directly owns 22,377 shares in the company, valued at $3,322,984.50. The trade was a 18.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard W. Fisher sold 836 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.16, for a total value of $144,761.76. Following the transaction, the director now directly owns 11,292 shares in the company, valued at $1,955,322.72. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Strs Ohio purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at $1,550,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Tenet Healthcare by 4.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 276,969 shares of the company’s stock valued at $37,252,000 after purchasing an additional 12,914 shares during the period. Empowered Funds LLC raised its stake in shares of Tenet Healthcare by 19.6% during the 1st quarter. Empowered Funds LLC now owns 154,754 shares of the company’s stock valued at $20,814,000 after purchasing an additional 25,323 shares during the period. United Services Automobile Association bought a new stake in shares of Tenet Healthcare during the 1st quarter valued at $821,000. Finally, Fred Alger Management LLC bought a new stake in shares of Tenet Healthcare during the 1st quarter valued at $2,652,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.