Zacks Investment Research upgraded shares of Tenet Healthcare (NYSE:THC) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $36.00 price target on the stock.

According to Zacks, “Shares of Tenet Healthcare gained in a year’s time, outperforming its industry's growth. Strategic divestitures helped streamlining its core operations while accretive acquisitions are significantly strengthening its top line. Moreover, the company’s recently adopted enterprise-wide cost-reduction program is likely to favor earnings going forward. Following solid second-quarter results, Tenet Healthcare has raised its 2018 EPS guidance over the past seven days. However, the company has a high level of uncollectible accounts inducing a mounting level of bad debt. Rising leverage ratio has induced a spike in interest expenses, weighing on the company’s margins. Tenet Healthcare has also been suffering lower revenues over the past many quarters.”

A number of other equities research analysts have also issued reports on THC. SunTrust Banks reaffirmed a hold rating and issued a $27.00 price target on shares of Tenet Healthcare in a research report on Tuesday, April 17th. ValuEngine raised Tenet Healthcare from a hold rating to a buy rating in a research report on Wednesday, May 2nd. Leerink Swann increased their price target on Tenet Healthcare from $30.00 to $40.00 and gave the company an outperform rating in a research report on Wednesday, May 2nd. Morgan Stanley increased their price target on Tenet Healthcare from $16.00 to $24.00 and gave the company an underweight rating in a research report on Wednesday, May 2nd. Finally, Credit Suisse Group increased their price target on Tenet Healthcare from $27.00 to $33.00 and gave the company a neutral rating in a research report on Friday, May 4th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $30.24.

THC stock opened at $33.31 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.01 and a debt-to-equity ratio of 24.66. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 41.12, a P/E/G ratio of 1.46 and a beta of 1.05. Tenet Healthcare has a 1 year low of $12.25 and a 1 year high of $39.74.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Monday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.24. The company had revenue of $4.51 billion for the quarter, compared to analyst estimates of $4.57 billion. Tenet Healthcare had a positive return on equity of 38.91% and a negative net margin of 2.51%. Tenet Healthcare’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) EPS. equities analysts forecast that Tenet Healthcare will post 1.7 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Partner Fund Management L.P. raised its position in shares of Tenet Healthcare by 22.2% during the 2nd quarter. Partner Fund Management L.P. now owns 4,336,946 shares of the company’s stock worth $145,591,000 after acquiring an additional 786,785 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Tenet Healthcare by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,355,637 shares of the company’s stock worth $79,083,000 after acquiring an additional 106,461 shares in the last quarter. Millennium Management LLC raised its position in shares of Tenet Healthcare by 41.1% during the 1st quarter. Millennium Management LLC now owns 2,109,113 shares of the company’s stock worth $51,146,000 after acquiring an additional 614,701 shares in the last quarter. Scopia Capital Management LP acquired a new stake in shares of Tenet Healthcare during the 1st quarter worth about $48,464,000. Finally, Columbus Circle Investors acquired a new stake in shares of Tenet Healthcare during the 1st quarter worth about $30,369,000.

Tenet Healthcare Company Profile

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

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