Tenet Healthcare (THC) Stock Rating Lowered by Zacks Investment Research

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Tenet Healthcare (NYSE:THC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Tenet Healthcare's stock has outperformed the industry in a year's time. Its strategic divestitures have helped to streamline its business by focusing on core operations while accretive acquisitions are significantly strengthening its top line. Moreover, the company’s recently adopted enterprise-wide cost-reduction program is likely to favor earnings going forward. The stock has seen the Zacks Consensus Estimate for 2019 earnings being revised 1.1% upward over the last 30 days. Nevertheless, its high level of uncollectible accounts has led to an increase in bad debt level. Its revenues have been declining over the last few quarters, mainly due to reduced admissions, inpatient and outpatient surgeries, emergency department visits and total outpatient visits. “

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird cut shares of Tenet Healthcare from an “outperform” rating to a “neutral” rating in a research report on Monday, December 17th. ValuEngine cut shares of Tenet Healthcare from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Barclays reiterated a “hold” rating and issued a $27.00 price target on shares of Tenet Healthcare in a research report on Wednesday, November 7th. UBS Group started coverage on shares of Tenet Healthcare in a research report on Thursday, November 15th. They issued a “neutral” rating and a $26.00 price target on the stock. Finally, Raymond James reiterated a “buy” rating and issued a $37.00 price target on shares of Tenet Healthcare in a research report on Monday, December 3rd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Tenet Healthcare has an average rating of “Hold” and a consensus target price of $30.53.

THC stock traded up $0.25 during mid-day trading on Wednesday, reaching $22.23. The company had a trading volume of 75,767 shares, compared to its average volume of 1,521,037. The company has a debt-to-equity ratio of 21.55, a quick ratio of 0.99 and a current ratio of 1.06. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 0.58 and a beta of 1.34. Tenet Healthcare has a one year low of $15.84 and a one year high of $39.74.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Monday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.18. Tenet Healthcare had a positive return on equity of 47.38% and a negative net margin of 0.61%. The company had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same period last year, the business posted ($0.17) earnings per share. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. As a group, analysts predict that Tenet Healthcare will post 1.61 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. purchased a new position in Tenet Healthcare during the 2nd quarter valued at about $929,000. Fox Run Management L.L.C. purchased a new position in Tenet Healthcare during the 3rd quarter valued at about $483,000. Acadian Asset Management LLC grew its stake in Tenet Healthcare by 695.3% during the 3rd quarter. Acadian Asset Management LLC now owns 332,691 shares of the company’s stock valued at $9,468,000 after acquiring an additional 290,861 shares in the last quarter. Schroder Investment Management Group grew its stake in Tenet Healthcare by 48.6% during the 3rd quarter. Schroder Investment Management Group now owns 62,894 shares of the company’s stock valued at $1,790,000 after acquiring an additional 20,581 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in Tenet Healthcare by 47.3% during the 3rd quarter. Mackenzie Financial Corp now owns 263,187 shares of the company’s stock valued at $7,490,000 after acquiring an additional 84,537 shares in the last quarter.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. It operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The company's general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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