Zacks Investment Research upgraded shares of Tenet Healthcare Corporation (NYSE:THC) from a sell rating to a hold rating in a report issued on Friday.
According to Zacks, “Tenet Healthcare is well poised for long term growth on the back of its inorganic strategies. The company continues to divest its non core and unprofitable businesses in order to streamline its core operations. Tenet is undertaking cost reduction initiative that will help it lower annual operating expenses by $150 million, with annualized run-rate savings to be achieved by 2018 end. However, the shares have underperformed the industry in a year's time. Tenet Healthcare has a high level of uncollectible accounts. Following lackluster second-quarter 2017 results, the company has lowered its guidance for 2017. Rising level of bad debts has led to a spike in interest expenses, weighing on margins. It will release third quarter results on Nov 6. The company estimates third quarter adjusted loss of 17 cents on revenues of $4.6 billion, both down year over year.”
A number of other brokerages have also commented on THC. Royal Bank Of Canada reiterated a hold rating and issued a $25.00 price objective on shares of Tenet Healthcare Corporation in a research report on Tuesday, July 18th. Deutsche Bank AG reiterated a buy rating and issued a $24.00 price objective on shares of Tenet Healthcare Corporation in a research report on Friday, September 1st. Mizuho reiterated a neutral rating and issued a $14.00 price objective on shares of Tenet Healthcare Corporation in a research report on Thursday, September 14th. BidaskClub lowered Tenet Healthcare Corporation from a hold rating to a sell rating in a research report on Saturday, August 5th. Finally, Jefferies Group LLC restated a buy rating and issued a $24.00 price target (down from $26.00) on shares of Tenet Healthcare Corporation in a research report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $20.20.
Tenet Healthcare Corporation (THC) opened at $13.08 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.24 and a debt-to-equity ratio of 14.23.
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Several large investors have recently added to or reduced their stakes in THC. Prudential Financial Inc. increased its position in shares of Tenet Healthcare Corporation by 7.5% in the first quarter. Prudential Financial Inc. now owns 49,170 shares of the company’s stock valued at $871,000 after acquiring an additional 3,450 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Tenet Healthcare Corporation by 121.0% during the first quarter. Alliancebernstein L.P. now owns 89,615 shares of the company’s stock worth $1,587,000 after purchasing an additional 49,073 shares during the period. FMR LLC grew its holdings in Tenet Healthcare Corporation by 6.2% during the first quarter. FMR LLC now owns 2,720,013 shares of the company’s stock worth $48,171,000 after purchasing an additional 159,700 shares during the period. Teachers Advisors LLC grew its holdings in Tenet Healthcare Corporation by 5.0% during the first quarter. Teachers Advisors LLC now owns 136,758 shares of the company’s stock worth $2,422,000 after purchasing an additional 6,553 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Tenet Healthcare Corporation by 52.1% during the first quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock worth $117,000 after purchasing an additional 2,266 shares during the period.
About Tenet Healthcare Corporation
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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