Tenet Healthcare’s (THC) Overweight Rating Reiterated at JPMorgan Chase & Co.

Tenet Healthcare (NYSE:THC)‘s stock had its “overweight” rating reissued by investment analysts at JPMorgan Chase & Co. in a report released on Tuesday,Benzinga reports. They currently have a $175.00 price target on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 30.86% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. KeyCorp initiated coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective for the company. Wells Fargo & Company downgraded Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. Truist Financial reaffirmed a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Finally, Barclays raised their price target on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $166.88.

Tenet Healthcare Price Performance

NYSE THC opened at $133.73 on Tuesday. Tenet Healthcare has a 52-week low of $73.21 and a 52-week high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The business has a 50 day simple moving average of $151.70 and a 200 day simple moving average of $149.39. The stock has a market cap of $12.72 billion, a price-to-earnings ratio of 4.28, a PEG ratio of 0.63 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share 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 firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the prior year, the firm posted $1.44 EPS. The business’s revenue was up 1.1% on a year-over-year basis. Analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in THC. FMR LLC increased its holdings in Tenet Healthcare by 88.0% in the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares in the last quarter. Geode Capital Management LLC increased its holdings in Tenet Healthcare by 23.6% in the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock worth $339,893,000 after purchasing an additional 390,316 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares in the last quarter. Iron Triangle Partners LP bought a new stake in Tenet Healthcare in the third quarter worth approximately $51,346,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Tenet Healthcare by 344.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after purchasing an additional 245,875 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

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.