Zacks Investment Research Lowers Tenet Healthcare Corporation (THC) to Strong Sell
Tenet Healthcare Corporation (NYSE:THC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday.
According to Zacks, “Tenet Healthcare’s shares have underperformed the industry in last one year. The company has a high level of uncollectible accounts despite several divestures. Rising level of bad debts over past few quarters has led to a spike in interest expenses that has been weighing on the margins. Its operating expenses have also been rising rapidly putting pressure on the bottom line. The company has seen its Zacks Consensus Estimate for 2017 and 2018 earnings being revised downward in last 60 days. Following the lackluster second-quarter 2017 results, the company has lowered its guidance for 2017.”
THC has been the topic of several other reports. ValuEngine lowered shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Leerink Swann reaffirmed an “outperform” rating and issued a $30.00 price target (up previously from $23.00) on shares of Tenet Healthcare Corporation in a report on Sunday, August 20th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $25.00 price target on shares of Tenet Healthcare Corporation in a report on Thursday, August 24th. Citigroup Inc. reaffirmed a “hold” rating and issued a $16.00 price target on shares of Tenet Healthcare Corporation in a report on Thursday, September 14th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Tenet Healthcare Corporation in a report on Sunday, August 20th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. Tenet Healthcare Corporation presently has a consensus rating of “Hold” and an average price target of $21.43.
Tenet Healthcare Corporation (NYSE THC) traded down 1.15% on Tuesday, reaching $15.54. 1,345,529 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $16.02 and a 200-day moving average of $17.48. Tenet Healthcare Corporation has a 12-month low of $12.54 and a 12-month high of $24.13. The company’s market cap is $1.57 billion.
Tenet Healthcare Corporation (NYSE:THC) last issued its earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, hitting the consensus estimate of ($0.17). Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. The company had revenue of $14.80 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The firm’s revenue for the quarter was up 204.1% compared to the same quarter last year. Equities analysts expect that Tenet Healthcare Corporation will post $0.82 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA lifted its stake in shares of Tenet Healthcare Corporation by 34.6% during the second quarter. BNP Paribas Arbitrage SA now owns 66,690 shares of the company’s stock valued at $1,290,000 after buying an additional 17,151 shares during the period. Private Management Group Inc. lifted its stake in shares of Tenet Healthcare Corporation by 1.2% during the second quarter. Private Management Group Inc. now owns 813,918 shares of the company’s stock valued at $15,741,000 after buying an additional 9,386 shares during the period. MARSHALL WACE ASIA Ltd purchased a new position in shares of Tenet Healthcare Corporation during the first quarter valued at approximately $3,634,000. North Tide Capital LLC purchased a new position in shares of Tenet Healthcare Corporation during the first quarter valued at approximately $35,420,000. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Tenet Healthcare Corporation during the second quarter valued at approximately $8,831,000.
Tenet Healthcare Corporation Company Profile
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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