ValuEngine Downgrades Tenet Healthcare (THC) to Sell

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ValuEngine downgraded shares of Tenet Healthcare (NYSE:THC) from a hold rating to a sell rating in a research note published on Friday morning.

Several other brokerages have also weighed in on THC. Citigroup increased their price objective on shares of Tenet Healthcare from $37.00 to $44.00 and gave the stock a buy rating in a report on Monday, July 23rd. Jefferies Financial Group lowered shares of Tenet Healthcare from a buy rating to a hold rating and increased their price objective for the stock from $28.00 to $38.00 in a report on Friday, June 29th. Zacks Investment Research upgraded shares of Tenet Healthcare from a hold rating to a buy rating and set a $36.00 price objective on the stock in a report on Tuesday, August 14th. Barclays assumed coverage on shares of Tenet Healthcare in a report on Tuesday, August 14th. They set an equal weight rating and a $35.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Tenet Healthcare from $22.00 to $28.00 and gave the stock an underweight rating in a report on Friday, August 10th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $30.80.

Shares of THC stock traded down $0.04 during trading hours on Friday, hitting $25.39. 1,156,329 shares of the company were exchanged, compared to its average volume of 1,912,491. The firm has a market cap of $2.91 billion, a P/E ratio of 31.35, a PEG ratio of 1.27 and a beta of 0.92. Tenet Healthcare has a 1 year low of $12.25 and a 1 year high of $39.74. The company has a debt-to-equity ratio of 24.66, a current ratio of 1.08 and a quick ratio of 1.01.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Monday, August 6th. The company reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.24. The business had revenue of $4.51 billion for the quarter, compared to analyst estimates of $4.57 billion. Tenet Healthcare had a negative net margin of 2.51% and a positive return on equity of 38.91%. The company’s revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) EPS. Analysts expect that Tenet Healthcare will post 1.73 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of THC. Wells Fargo & Company MN raised its holdings in Tenet Healthcare by 163.4% in the first quarter. Wells Fargo & Company MN now owns 186,667 shares of the company’s stock valued at $4,527,000 after buying an additional 481,111 shares during the period. Koch Industries Inc. purchased a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $343,000. Principal Financial Group Inc. raised its stake in shares of Tenet Healthcare by 5.6% during the first quarter. Principal Financial Group Inc. now owns 368,795 shares of the company’s stock valued at $8,943,000 after purchasing an additional 19,705 shares during the period. Commonwealth Equity Services LLC purchased a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $208,000. Finally, Allianz Asset Management GmbH raised its stake in shares of Tenet Healthcare by 2.7% during the first quarter. Allianz Asset Management GmbH now owns 150,325 shares of the company’s stock valued at $3,645,000 after purchasing an additional 3,950 shares during the period.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. It operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The company's general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Analyst Recommendations for Tenet Healthcare (NYSE:THC)

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