BidaskClub Downgrades Tenet Healthcare Corporation (NYSE:THC) to Sell

Tenet Healthcare Corporation (NYSE:THC) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, August 5th.

THC has been the topic of several other research reports. Zacks Investment Research raised Tenet Healthcare Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. Credit Suisse Group boosted their target price on Tenet Healthcare Corporation from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, May 5th. Leerink Swann raised Tenet Healthcare Corporation from a “market perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a report on Tuesday, June 6th. ValuEngine cut Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Mizuho reaffirmed a “neutral” rating and issued a $18.00 price target on shares of Tenet Healthcare Corporation in a report on Sunday, April 23rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $22.67.

Tenet Healthcare Corporation (NYSE:THC) traded up 14.23% during midday trading on Friday, hitting $14.45. The company had a trading volume of 12,079,290 shares. The company’s 50 day moving average is $17.36 and its 200 day moving average is $17.86. The stock’s market cap is $1.46 billion. Tenet Healthcare Corporation has a 12-month low of $12.54 and a 12-month high of $24.96.

Tenet Healthcare Corporation (NYSE:THC) last announced its earnings results on Monday, August 7th. The company reported ($0.17) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.17). Tenet Healthcare Corporation had a negative return on equity of 2.00% and a negative net margin of 0.97%. The firm had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was up 204.1% compared to the same quarter last year. On average, equities analysts anticipate that Tenet Healthcare Corporation will post $0.82 EPS for the current fiscal year.

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A number of institutional investors have recently bought and sold shares of the company. FNY Managed Accounts LLC purchased a new position in Tenet Healthcare Corporation during the first quarter valued at $109,000. PNC Financial Services Group Inc. boosted its position in Tenet Healthcare Corporation by 52.1% in the first quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock valued at $117,000 after buying an additional 2,266 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Tenet Healthcare Corporation by 57.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 7,100 shares of the company’s stock valued at $126,000 after buying an additional 2,590 shares during the last quarter. Riverhead Capital Management LLC boosted its position in Tenet Healthcare Corporation by 67.3% in the second quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock valued at $152,000 after buying an additional 3,161 shares during the last quarter. Finally, Flinton Capital Management LLC boosted its position in Tenet Healthcare Corporation by 65.7% in the second quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock valued at $153,000 after buying an additional 3,128 shares during the last quarter.

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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