Zacks Investment Research upgraded shares of Tenet Healthcare (NYSE:THC) from a sell rating to a hold rating in a research note published on Tuesday, March 13th.
According to Zacks, “The shares of Tenet Healthcare have outperformed the industry in a year's time. The company’s accretive acquisitions have significantly strengthened its company’s top line. Strategic divestitures helped streamlining its core operations. Moreover, the company’s recently taken enterprise-wide cost-reduction program is likely to favor earnings going forward. Following 2017 results, Tenet Healthcare has raised its 2018 guidance. However, the company has a high level of uncollectible accounts leading to a mounting level of bad debt. Rising leverage ratio has led to a spike in interest expenses, weighing on the company’s margins. Tenet Healthcare has also been suffering from lower revenues over the past many quarters.”
Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut Tenet Healthcare from a neutral rating to an underweight rating and set a $15.00 price objective on the stock. in a report on Thursday, December 14th. ValuEngine downgraded Tenet Healthcare from a hold rating to a sell rating in a research report on Sunday, December 31st. Citigroup raised Tenet Healthcare from a neutral rating to a buy rating in a research report on Tuesday, December 12th. William Blair reissued a market perform rating on shares of Tenet Healthcare in a research report on Tuesday, November 21st. Finally, Goldman Sachs began coverage on Tenet Healthcare in a research report on Wednesday, January 3rd. They set a neutral rating and a $15.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $20.56.
Shares of Tenet Healthcare stock opened at $24.20 on Tuesday. Tenet Healthcare has a 52 week low of $12.25 and a 52 week high of $25.24. The company has a debt-to-equity ratio of 27.44, a quick ratio of 1.22 and a current ratio of 1.29. The stock has a market capitalization of $2,539.83, a PE ratio of 31.80, a price-to-earnings-growth ratio of 2.16 and a beta of 1.07.
Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Monday, February 26th. The company reported $1.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.15. Tenet Healthcare had a positive return on equity of 9.69% and a negative net margin of 3.67%. The firm had revenue of $4.98 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the firm earned $0.06 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. equities research analysts anticipate that Tenet Healthcare will post 0.92 earnings per share for the current year.
In other Tenet Healthcare news, Director George Fredrick Smitherman sold 1,300 shares of Tenet Healthcare stock in a transaction dated Monday, January 15th. The stock was sold at an average price of $38.50, for a total transaction of $50,050.00. Also, Director Ashish Dave sold 75,000 shares of Tenet Healthcare stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $1.40, for a total value of $105,000.00. Insiders sold 129,600 shares of company stock valued at $199,146 over the last ninety days. Insiders own 3.10% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Elkfork Partners LLC purchased a new stake in Tenet Healthcare during the 4th quarter valued at approximately $142,000. Xact Kapitalforvaltning AB acquired a new position in Tenet Healthcare during the 4th quarter worth approximately $153,000. Pentwater Capital Management LP acquired a new position in Tenet Healthcare during the 3rd quarter worth approximately $164,000. Russell Investments Group Ltd. increased its position in Tenet Healthcare by 182.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,525 shares of the company’s stock worth $173,000 after purchasing an additional 6,800 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in Tenet Healthcare during the 3rd quarter worth approximately $183,000.
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About Tenet Healthcare
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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