Tenet Healthcare (NYSE:THC) Upgraded to “Strong-Buy” at Wall Street Zen

Tenet Healthcare (NYSE:THC) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Several other research analysts have also recently issued reports on the stock. Cantor Fitzgerald raised their target price on shares of Tenet Healthcare from $190.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. JPMorgan Chase & Co. lifted their price objective on Tenet Healthcare from $200.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. Truist Financial restated a “buy” rating and issued a $240.00 target price (up previously from $225.00) on shares of Tenet Healthcare in a research note on Monday, November 3rd. Weiss Ratings upgraded Tenet Healthcare from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Finally, Barclays upped their price objective on Tenet Healthcare from $229.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, November 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $233.81.

Tenet Healthcare Stock Performance

Shares of THC opened at $189.48 on Friday. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.64 and a current ratio of 1.71. The stock has a 50-day moving average of $200.90 and a two-hundred day moving average of $191.89. The stock has a market cap of $16.65 billion, a P/E ratio of 12.99, a P/E/G ratio of 0.81 and a beta of 1.41. Tenet Healthcare has a one year low of $109.82 and a one year high of $222.82.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $3.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.33 by $0.37. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.26 billion. Tenet Healthcare had a return on equity of 25.11% and a net margin of 6.49%.The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the business posted $2.93 earnings per share. As a group, research analysts predict that Tenet Healthcare will post 12.24 EPS for the current year.

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 13,322 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $205.11, for a total transaction of $2,732,475.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tammy Romo sold 645 shares of Tenet Healthcare stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $205.20, for a total value of $132,354.00. Following the completion of the sale, the director owned 34,866 shares in the company, valued at approximately $7,154,503.20. The trade was a 1.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 43,000 shares of company stock valued at $8,725,996. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Institutional investors have recently made changes to their positions in the company. Boston Partners lifted its holdings in Tenet Healthcare by 38.8% in the 3rd quarter. Boston Partners now owns 3,147,555 shares of the company’s stock valued at $638,958,000 after purchasing an additional 880,413 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Tenet Healthcare by 8.0% in the second quarter. Ameriprise Financial Inc. now owns 2,119,423 shares of the company’s stock valued at $373,020,000 after buying an additional 157,109 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Tenet Healthcare by 62.3% in the third quarter. AQR Capital Management LLC now owns 1,876,423 shares of the company’s stock worth $380,989,000 after buying an additional 720,160 shares in the last quarter. Norges Bank purchased a new stake in Tenet Healthcare during the 2nd quarter valued at about $206,981,000. Finally, Eminence Capital LP acquired a new stake in Tenet Healthcare in the 3rd quarter valued at about $225,263,000. 95.44% of the stock is owned by institutional investors and hedge funds.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.