KeyCorp Has Lowered Expectations for Tenet Healthcare (NYSE:THC) Stock Price

Tenet Healthcare (NYSE:THC) had its price objective reduced by analysts at KeyCorp from $200.00 to $185.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 42.22% from the stock’s previous close.

THC has been the topic of a number of other research reports. UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. Raymond James downgraded Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research report on Friday, November 22nd. The Goldman Sachs Group cut Tenet Healthcare from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $196.00 to $140.00 in a report on Monday, December 16th. Finally, Barclays raised their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average price target of $165.00.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock opened at $130.08 on Tuesday. The stock’s 50-day simple moving average is $142.23 and its 200-day simple moving average is $148.29. Tenet Healthcare has a 52 week low of $78.00 and a 52 week high of $171.20. The company has a market capitalization of $12.37 billion, a price-to-earnings ratio of 4.17, a PEG ratio of 0.61 and a beta of 2.06. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the previous year, the business earned $1.44 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts expect that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tenet Healthcare news, 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 value of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently bought and sold shares of the stock. Oliver Luxxe Assets LLC boosted its stake in Tenet Healthcare by 12.9% in the fourth quarter. Oliver Luxxe Assets LLC now owns 5,628 shares of the company’s stock valued at $710,000 after acquiring an additional 643 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Tenet Healthcare in the fourth quarter valued at about $1,758,000. Nordea Investment Management AB raised its holdings in shares of Tenet Healthcare by 13.5% in the fourth quarter. Nordea Investment Management AB now owns 83,793 shares of the company’s stock valued at $10,577,000 after buying an additional 9,946 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Tenet Healthcare by 101.3% in the third quarter. B. Riley Wealth Advisors Inc. now owns 7,894 shares of the company’s stock valued at $1,281,000 after buying an additional 3,973 shares during the last quarter. Finally, Retirement Systems of Alabama raised its holdings in shares of Tenet Healthcare by 46.6% in the third quarter. Retirement Systems of Alabama now owns 176,757 shares of the company’s stock valued at $29,377,000 after buying an additional 56,193 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.