Tenet Healthcare Corporation (THC) Rating Increased to Hold at Zacks Investment Research

Tenet Healthcare Corporation (NYSE:THC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “Tenet Healthcare's third-quarter 2017 adjusted loss per share was narrower than expected but compares unfavorably with the earnings recorded in the year-ago quarter. The company’s accretive acquisitions have significantly strengthened the top line. Strategic divestitures helped streamline its core operations. Moreover, the company’s recently taken enterprise-wide cost reduction program is likely to favor earnings going forward. However, it has a high level of uncollectible accounts leading to mounting level of bad debt. Rising level of bad debts has led to a spike in interest expenses, weighing on margins. Higher expenses have caused a dent in its margins. The company has also been suffering from lower revenues over past many quarters.  Moreover, its shares have underperformed the industry year to date. Following lackluster third-quarter 2017 results, the company lowered its guidance for 2017.”

Other equities analysts also recently issued reports about the stock. Credit Suisse Group began coverage on shares of Tenet Healthcare Corporation in a research report on Thursday, November 2nd. They set a “neutral” rating and a $15.00 target price on the stock. Citigroup Inc. reissued a “neutral” rating and set a $16.00 target price (down from $20.00) on shares of Tenet Healthcare Corporation in a research report on Thursday, August 10th. Deutsche Bank AG reissued a “buy” rating and set a $24.00 target price (down from $28.00) on shares of Tenet Healthcare Corporation in a research report on Thursday, August 10th. Robert W. Baird reissued an “outperform” rating and set a $23.00 target price on shares of Tenet Healthcare Corporation in a research report on Thursday, August 10th. Finally, SunTrust Banks, Inc. set a $15.00 target price on shares of Tenet Healthcare Corporation and gave the stock a “hold” rating in a research report on Sunday, October 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Tenet Healthcare Corporation currently has a consensus rating of “Hold” and an average target price of $19.14.

Tenet Healthcare Corporation (NYSE THC) opened at $13.82 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 21.21. Tenet Healthcare Corporation has a 1 year low of $12.25 and a 1 year high of $22.72.

Tenet Healthcare Corporation (NYSE:THC) last posted its earnings results on Monday, November 6th. The company reported ($0.17) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.23. The firm had revenue of $4.59 billion for the quarter, compared to the consensus estimate of $4.94 billion. Tenet Healthcare Corporation had a negative net margin of 2.85% and a negative return on equity of 5.61%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 earnings per share. equities analysts expect that Tenet Healthcare Corporation will post 0.7 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in THC. PNC Financial Services Group Inc. lifted its stake in shares of 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 period. Nomura Asset Management Co. Ltd. lifted its stake in shares of 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 period. Riverhead Capital Management LLC lifted its stake in shares of 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 period. Flinton Capital Management LLC lifted its stake in shares of 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 period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Tenet Healthcare Corporation by 182.6% in the third quarter. Russell Investments Group Ltd. now owns 10,525 shares of the company’s stock valued at $173,000 after buying an additional 6,800 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.

Analyst Recommendations for Tenet Healthcare Corporation (NYSE:THC)

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