Tenet Healthcare (NYSE:THC) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Tenet Healthcare (NYSE:THC) in a report issued on Wednesday, Marketbeat.com reports. The brokerage issued an overweight rating and a $165.00 target price on the stock.

A number of other research firms also recently weighed in on THC. Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. The Goldman Sachs Group downgraded shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $196.00 to $140.00 in a research report on Monday, December 16th. Truist Financial decreased their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, January 6th. TD Cowen began coverage on Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 target price on the stock. Finally, StockNews.com raised Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Three research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $163.94.

Tenet Healthcare Trading Up 1.9 %

NYSE THC opened at $133.24 on Wednesday. The company’s fifty day simple moving average is $132.35 and its 200-day simple moving average is $142.70. The stock has a market cap of $12.67 billion, a P/E ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06. Tenet Healthcare has a 52 week low of $90.03 and a 52 week high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. Equities research analysts predict that Tenet Healthcare will post 12.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at $3,434,022.54. The trade was a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Colonial Trust Co SC lifted its holdings in shares of Tenet Healthcare by 85.7% during the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock valued at $31,000 after purchasing an additional 114 shares during the last quarter. GeoWealth Management LLC boosted its stake in Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock worth $37,000 after purchasing an additional 84 shares during the period. True Wealth Design LLC purchased a new position in shares of Tenet Healthcare during the third quarter valued at $38,000. WR Wealth Planners LLC increased its holdings in shares of Tenet Healthcare by 2,836.4% in the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock valued at $41,000 after purchasing an additional 312 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Tenet Healthcare by 30.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock worth $59,000 after acquiring an additional 110 shares in the last quarter. Institutional investors and hedge funds 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.