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

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

THC has been the subject of several other reports. UBS Group raised their price objective on Tenet Healthcare from $30.00 to $35.00 and gave the stock a buy rating in a research note on Monday, August 10th. Deutsche Bank increased their target price on Tenet Healthcare from $25.00 to $28.00 and gave the company a hold rating in a report on Wednesday, August 5th. Royal Bank of Canada increased their target price on Tenet Healthcare from $30.00 to $35.00 in a report on Friday, September 4th. Truist increased their target price on Tenet Healthcare from $21.00 to $30.00 in a report on Friday, August 14th. Finally, Mizuho reduced their target price on Tenet Healthcare from $32.00 to $30.00 and set a buy rating for the company in a report on Friday, May 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $28.00.

THC opened at $21.78 on Monday. The firm has a market cap of $2.30 billion, a PE ratio of -42.71, a P/E/G ratio of 4.43 and a beta of 2.46. The company has a quick ratio of 1.36, a current ratio of 1.42 and a debt-to-equity ratio of 24.85. The business has a fifty day simple moving average of $28.40 and a 200-day simple moving average of $22.03. Tenet Healthcare has a fifty-two week low of $10.00 and a fifty-two week high of $39.37.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data 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. The business had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.83 billion. Tenet Healthcare had a positive return on equity of 82.35% and a negative net margin of 0.28%. The company’s revenue was down 20.0% compared to the same quarter last year. During the same period last year, the company posted $0.65 EPS. On average, equities research analysts anticipate that Tenet Healthcare will post 3.85 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. Dupont Capital Management Corp raised its holdings in shares of Tenet Healthcare by 1.9% during the second quarter. Dupont Capital Management Corp now owns 24,425 shares of the company’s stock worth $442,000 after acquiring an additional 450 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Tenet Healthcare by 62.2% during 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 in the last quarter. Macquarie Group Ltd. raised its holdings in shares of Tenet Healthcare by 20.9% during the second quarter. Macquarie Group Ltd. now owns 4,594 shares of the company’s stock worth $83,000 after acquiring an additional 794 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Tenet Healthcare by 0.5% during the second quarter. California State Teachers Retirement System now owns 165,483 shares of the company’s stock worth $2,997,000 after acquiring an additional 818 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Tenet Healthcare by 0.3% during the first quarter. Rhumbline Advisers now owns 305,027 shares of the company’s stock worth $4,392,000 after acquiring an additional 848 shares in the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.

About Tenet Healthcare

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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