Tenet Healthcare (NYSE:THC) Downgraded by The Goldman Sachs Group to “Neutral”

The Goldman Sachs Group downgraded shares of Tenet Healthcare (NYSE:THC) from a buy rating to a neutral rating in a research report report published on Monday morning, MarketBeat Ratings reports. The firm currently has $140.00 target price on the stock, down from their previous target price of $196.00.

Other research analysts also recently issued reports about the company. Truist Financial reaffirmed a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Wells Fargo & Company downgraded shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $205.00 to $150.00 in a report on Monday, November 25th. Raymond James cut shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a research note on Friday, November 22nd. Barclays lifted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, UBS Group raised their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $166.88.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $127.46 on Monday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The firm’s 50 day simple moving average is $150.81 and its 200-day simple moving average is $149.22. Tenet Healthcare has a 12 month low of $73.21 and a 12 month high of $171.20. The stock has a market capitalization of $12.12 billion, a price-to-earnings ratio of 4.08, a PEG ratio of 0.61 and a beta of 2.06.

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

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds have recently made changes to their positions in THC. Wealth Enhancement Advisory Services LLC grew its stake in shares of Tenet Healthcare by 40.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 3,595 shares of the company’s stock valued at $478,000 after buying an additional 1,030 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Tenet Healthcare by 39.9% in the second quarter. Raymond James & Associates now owns 104,474 shares of the company’s stock valued at $13,898,000 after purchasing an additional 29,781 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Tenet Healthcare by 160.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 9,331 shares of the company’s stock worth $1,241,000 after buying an additional 5,742 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Tenet Healthcare by 922.3% in the second quarter. First Horizon Advisors Inc. now owns 1,053 shares of the company’s stock worth $140,000 after acquiring an additional 950 shares in the last quarter. Hedge funds and other institutional investors 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.