Tenet Healthcare Corporation (THC) Receives Buy Rating from Jefferies Group LLC
Tenet Healthcare Corporation (NYSE:THC)‘s stock had its “buy” rating reissued by equities researchers at Jefferies Group LLC in a report issued on Tuesday. They presently have a $24.00 target price on the stock, down from their previous target price of $26.00. Jefferies Group LLC’s price target would suggest a potential upside of 43.80% from the company’s current price.
A number of other research analysts have also weighed in on the company. Zacks Investment Research raised Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective on the stock in a report on Monday, July 10th. Credit Suisse Group upped their price objective on Tenet Healthcare Corporation from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, May 15th. ValuEngine lowered Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Mizuho reaffirmed a “neutral” rating and set a $18.00 price objective on shares of Tenet Healthcare Corporation in a report on Sunday, April 23rd. Finally, Morgan Stanley started coverage on Tenet Healthcare Corporation in a report on Tuesday, June 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Tenet Healthcare Corporation has an average rating of “Hold” and a consensus price target of $23.43.
Shares of Tenet Healthcare Corporation (NYSE:THC) traded down 8.898% on Tuesday, hitting $15.205. The stock had a trading volume of 4,324,280 shares. The firm has a 50 day moving average of $18.91 and a 200 day moving average of $18.21. The stock’s market cap is $1.53 billion. Tenet Healthcare Corporation has a 12 month low of $14.06 and a 12 month high of $28.08. Tenet Healthcare Corporation also was the recipient of unusually large options trading on Monday. Investors acquired 14,690 put options on the company. This is an increase of approximately 974% compared to the average volume of 1,368 put options.
Tenet Healthcare Corporation (NYSE:THC) last announced its quarterly earnings data on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.17). Tenet Healthcare Corporation had a positive return on equity of 2.94% and a negative net margin of 0.92%. The firm had revenue of $14.80 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Tenet Healthcare Corporation’s quarterly revenue was up 204.1% on a year-over-year basis. On average, equities analysts forecast that Tenet Healthcare Corporation will post $1.12 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the stock. Private Management Group Inc. increased its stake in shares of Tenet Healthcare Corporation by 0.3% in the first quarter. Private Management Group Inc. now owns 804,532 shares of the company’s stock valued at $14,248,000 after buying an additional 2,379 shares in the last quarter. MARSHALL WACE ASIA Ltd bought a new stake in shares of Tenet Healthcare Corporation during the first quarter valued at about $3,634,000. North Tide Capital LLC bought a new stake in shares of Tenet Healthcare Corporation during the first quarter valued at about $35,420,000. Bank of Montreal Can increased its stake in shares of Tenet Healthcare Corporation by 119.3% in the first quarter. Bank of Montreal Can now owns 12,667 shares of the company’s stock valued at $223,000 after buying an additional 6,892 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Tenet Healthcare Corporation by 1.2% in the first quarter. State Street Corp now owns 2,333,013 shares of the company’s stock valued at $41,316,000 after buying an additional 27,898 shares in the last quarter.
About Tenet Healthcare Corporation
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company’s segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children’s hospitals, two specialty hospitals and one critical access hospital.
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