Tenet Healthcare (NYSE:THC) Now Covered by Analysts at Morgan Stanley

Analysts at Morgan Stanley began coverage on shares of Tenet Healthcare (NYSE:THC) in a report released on Wednesday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $165.00 price target on the stock. Morgan Stanley’s price target points to a potential upside of 26.15% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen started coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price target on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $175.00 target price on shares of Tenet Healthcare in a report on Tuesday, December 17th. Barclays dropped their price objective on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. The Goldman Sachs Group lowered Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $196.00 to $140.00 in a research report on Monday, December 16th. Finally, Truist Financial dropped their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.94.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $130.80 on Wednesday. The stock’s 50 day moving average is $132.29 and its 200 day moving average is $142.77. The company has a market capitalization of $12.44 billion, a P/E ratio of 4.06, a PEG ratio of 1.02 and a beta of 2.06. Tenet Healthcare has a twelve month low of $90.03 and a twelve month high of $171.20. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. On average, equities research analysts predict that Tenet Healthcare will post 12.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at $3,434,022.54. The trade was a 25.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds have recently modified their holdings of THC. New Wave Wealth Advisors LLC bought a new stake in shares of Tenet Healthcare during the 4th quarter valued at $343,000. Swedbank AB boosted its stake in shares of Tenet Healthcare by 100.0% in the fourth quarter. Swedbank AB now owns 40,000 shares of the company’s stock worth $5,049,000 after acquiring an additional 20,000 shares during the period. Signet Financial Management LLC purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth about $1,526,000. China Universal Asset Management Co. Ltd. purchased a new position in Tenet Healthcare in the 4th quarter worth approximately $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Tenet Healthcare in the 4th quarter worth approximately $5,892,000. 95.44% of the stock is currently owned by institutional investors.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.