Baird R W Downgrades Tenet Healthcare (NYSE:THC) to Hold

Tenet Healthcare (NYSE:THC) was downgraded by analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

THC has been the subject of several other research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $177.00 target price on shares of Tenet Healthcare in a research report on Thursday, February 13th. Truist Financial cut their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Barclays decreased their target price on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research report on Thursday, February 13th. The Goldman Sachs Group cut Tenet Healthcare from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $196.00 to $140.00 in a research note on Monday, December 16th. Finally, Guggenheim started coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They set a “buy” rating and a $165.00 target price for the company. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $165.44.

Tenet Healthcare Trading Down 0.4 %

NYSE THC opened at $120.41 on Tuesday. The company’s fifty day simple moving average is $128.58 and its 200-day simple moving average is $138.90. The stock has a market cap of $11.45 billion, a P/E ratio of 3.74, a PEG ratio of 1.02 and a beta of 1.77. 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.

Insider Activity

In related news, Director J Robert Kerrey sold 9,525 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the sale, the director now directly owns 27,378 shares of the company’s stock, valued at $3,434,022.54. This represents a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently modified their holdings of THC. Colonial Trust Co SC grew 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 buying an additional 114 shares in the last quarter. GeoWealth Management LLC increased its holdings in shares of Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock valued at $37,000 after purchasing an additional 84 shares during the period. WR Wealth Planners LLC lifted its position in shares of Tenet Healthcare by 2,836.4% in the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock worth $41,000 after purchasing an additional 312 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Tenet Healthcare by 30.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock valued at $59,000 after purchasing an additional 110 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in Tenet Healthcare in the 4th quarter valued at approximately $60,000. 95.44% of the stock is owned by institutional investors.

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.