Wells Fargo & Company Downgrades Tenet Healthcare (NYSE:THC) to Equal Weight

Tenet Healthcare (NYSE:THC) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, Marketbeat.com reports. They presently have a $150.00 target price on the stock, down from their previous target price of $205.00. Wells Fargo & Company‘s price objective suggests a potential upside of 3.03% from the stock’s current price.

Several other research analysts have also recently issued reports on THC. Royal Bank of Canada increased their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. UBS Group increased their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Truist Financial reiterated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. KeyCorp initiated coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target on the stock. Finally, Barclays upped their price target on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Trading Up 1.6 %

THC stock opened at $145.59 on Monday. The company has a market capitalization of $13.85 billion, a PE ratio of 4.67, a P/E/G ratio of 0.64 and a beta of 2.15. Tenet Healthcare has a 12 month low of $65.90 and a 12 month high of $171.20. The firm’s 50-day moving average is $158.44 and its 200 day moving average is $148.32. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.44 EPS. On average, research analysts anticipate that Tenet Healthcare will post 11.38 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds have recently modified their holdings of THC. B. Riley Wealth Advisors Inc. boosted its stake in shares of Tenet Healthcare by 10.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,148 shares of the company’s stock worth $436,000 after acquiring an additional 387 shares in the last quarter. Redwood Investment Management LLC acquired a new position in shares of Tenet Healthcare during the 1st quarter worth about $1,513,000. Tidal Investments LLC acquired a new position in shares of Tenet Healthcare during the 1st quarter worth about $2,213,000. Comerica Bank raised its position in shares of Tenet Healthcare by 50.2% during the 1st quarter. Comerica Bank now owns 93,952 shares of the company’s stock worth $9,875,000 after purchasing an additional 31,406 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Tenet Healthcare during the 1st quarter worth about $1,240,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Company Profile

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.