Tenet Healthcare (NYSE:THC) Price Target Increased to $175.00 by Analysts at Raymond James

Tenet Healthcare (NYSE:THC) had its price objective increased by Raymond James from $130.00 to $175.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

A number of other equities analysts also recently commented on the company. Citigroup upped their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a report on Thursday. Wells Fargo & Company increased their price objective on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Baird R W upgraded Tenet Healthcare to a strong-buy rating in a report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, June 28th. Finally, Royal Bank of Canada increased their price objective on Tenet Healthcare from $109.00 to $136.00 and gave the stock an outperform rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $137.12.

Tenet Healthcare Stock Performance

NYSE:THC opened at $149.83 on Thursday. The firm has a market cap of $14.64 billion, a PE ratio of 5.81, a price-to-earnings-growth ratio of 1.08 and a beta of 2.15. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $151.00. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.37 and a current ratio of 1.45. The business has a 50 day moving average price of $134.51 and a 200-day moving average price of $110.23.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 earnings per share. Equities research analysts predict that Tenet Healthcare will post 10.77 earnings per share for the current year.

Tenet Healthcare announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Tenet Healthcare

In related news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Tenet Healthcare news, EVP Thomas W. Arnst sold 8,148 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total value of $945,982.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the transaction, the director now directly owns 14,759 shares in the company, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders have sold 24,691 shares of company stock valued at $3,117,909 over the last ninety days. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of THC. Rise Advisors LLC bought a new position in shares of Tenet Healthcare in the first quarter worth about $29,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare in the second quarter worth about $31,000. Blue Trust Inc. raised its stake in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the period. Capital Advisors Ltd. LLC raised its stake in shares of Tenet Healthcare by 759.5% in the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after buying an additional 319 shares during the period. Finally, GAMMA Investing LLC bought a new position in shares of Tenet Healthcare in the fourth quarter worth about $52,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Company Profile

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