Tenet Healthcare Corp. (NYSE:THC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $24.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.34% from the company’s current price.
According to Zacks, “Tenet Healthcare’s consistent growth in operating revenues backed by its prudent inorganic growth story remains the major strength. In addition, frequent product launches and sound capital structure also help in driving profitability. The company also enjoys a strong competitive advantage in benefiting from extended insurance coverage. Going ahead, the Vanguard acquisition, divestitures and an impressive inorganic profile are expected to be accretive to earnings as well. However, for serving a large number of uninsured and underinsured patients with a high burden of co-payments and deductibles, the company has a high level of uncollectible accounts and suffering from rising bad debts. It also has been experiencing high levels of operating expenses over past few years. Deployment of a substantial part of its cash flow in paying the interests on its debts also keeps the bottom line under pressure.”
Other research analysts also recently issued reports about the stock. Barclays PLC reissued a “buy” rating and set a $39.00 price target on shares of Tenet Healthcare Corp. in a research note on Friday, August 19th. Jefferies Group reaffirmed a “buy” rating on shares of Tenet Healthcare Corp. in a research note on Monday, July 11th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Tenet Healthcare Corp. in a research note on Tuesday, June 28th. Morgan Stanley reaffirmed a “hold” rating and issued a $38.00 target price on shares of Tenet Healthcare Corp. in a research note on Tuesday, August 2nd. Finally, Leerink Swann reaffirmed a “market perform” rating and issued a $28.00 target price (down from $30.00) on shares of Tenet Healthcare Corp. in a research note on Sunday, September 4th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $33.07.
Tenet Healthcare Corp. (NYSE:THC) traded down 0.64% on Tuesday, reaching $21.61. 802,654 shares of the company’s stock traded hands. The company’s market cap is $2.15 billion. Tenet Healthcare Corp. has a 12 month low of $20.93 and a 12 month high of $38.75. The firm’s 50 day moving average price is $23.40 and its 200 day moving average price is $27.80.
Tenet Healthcare Corp. (NYSE:THC) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.52 by $0.14. The business had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Tenet Healthcare Corp. had a positive return on equity of 14.47% and a negative net margin of 1.15%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share. On average, equities analysts expect that Tenet Healthcare Corp. will post $1.54 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Aperio Group LLC raised its position in Tenet Healthcare Corp. by 10.5% in the first quarter. Aperio Group LLC now owns 32,069 shares of the company’s stock valued at $928,000 after buying an additional 3,039 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its position in Tenet Healthcare Corp. by 26.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 21,200 shares of the company’s stock valued at $613,000 after buying an additional 4,500 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Tenet Healthcare Corp. by 5.3% in the first quarter. TIAA CREF Investment Management LLC now owns 641,140 shares of the company’s stock valued at $18,548,000 after buying an additional 32,160 shares in the last quarter. Teachers Advisors Inc. raised its position in Tenet Healthcare Corp. by 44.6% in the first quarter. Teachers Advisors Inc. now owns 252,070 shares of the company’s stock valued at $7,292,000 after buying an additional 77,713 shares in the last quarter. Finally, FDO Partners LLC bought a new position in Tenet Healthcare Corp. during the first quarter valued at about $617,000.
About Tenet Healthcare Corp.
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 operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tenet Healthcare Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tenet Healthcare Corp. and related companies with MarketBeat.com's FREE daily email newsletter.