Tenet Healthcare (NYSE:THC) Downgraded to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Tenet Healthcare (NYSE:THC) from a neutral rating to an underweight rating in a research report sent to investors on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has $20.00 price objective on the stock, down from their previous price objective of $28.00.

Several other equities research analysts have also weighed in on the company. Deutsche Bank raised their target price on Tenet Healthcare from $25.00 to $28.00 and gave the stock a hold rating in a research report on Wednesday, August 5th. Credit Suisse Group restated a buy rating on shares of Tenet Healthcare in a research note on Tuesday, August 4th. ValuEngine upgraded Tenet Healthcare from a sell rating to a hold rating in a research note on Monday, August 3rd. Truist raised their price target on Tenet Healthcare from $21.00 to $30.00 in a research note on Friday, August 14th. Finally, UBS Group raised their price target on Tenet Healthcare from $30.00 to $35.00 and gave the stock a buy rating in a research note on Monday, August 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Tenet Healthcare has a consensus rating of Hold and an average price target of $28.00.

Shares of NYSE THC opened at $21.78 on Monday. The company has a debt-to-equity ratio of 24.85, a quick ratio of 1.36 and a current ratio of 1.42. Tenet Healthcare has a fifty-two week low of $10.00 and a fifty-two week high of $39.37. The firm has a market capitalization of $2.30 billion, a PE ratio of -42.71, a price-to-earnings-growth ratio of 4.43 and a beta of 2.46. The stock’s 50-day simple moving average is $28.40 and its 200-day simple moving average is $22.03.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Monday, August 3rd. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of ($0.71) by $1.97. Tenet Healthcare had a positive return on equity of 82.35% and a negative net margin of 0.28%. The business had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter last year, the company earned $0.65 EPS. The business’s quarterly revenue was down 20.0% on a year-over-year basis. On average, sell-side analysts forecast that Tenet Healthcare will post 3.85 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC acquired a new position in shares of Tenet Healthcare in the second quarter worth $26,000. Rosenberg Matthew Hamilton acquired a new position in shares of Tenet Healthcare in the second quarter worth $36,000. PNC Financial Services Group Inc. raised its holdings in shares of Tenet Healthcare by 62.2% in the second quarter. PNC Financial Services Group Inc. now owns 2,052 shares of the company’s stock worth $37,000 after acquiring an additional 787 shares during the last quarter. Stonebridge Capital Advisors LLC acquired a new position in Tenet Healthcare in the first quarter valued at $46,000. Finally, Advisor Group Holdings Inc. acquired a new position in Tenet Healthcare in the first quarter valued at $57,000. 95.96% of the stock is owned by institutional investors.

Tenet Healthcare Company Profile

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

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Analyst Recommendations for Tenet Healthcare (NYSE:THC)

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