Tenet Healthcare (NYSE:THC) Given New $175.00 Price Target at Raymond James

Tenet Healthcare (NYSE:THC) had its target price increased by Raymond James from $130.00 to $175.00 in a report published on Thursday, Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

A number of other equities analysts also recently weighed in on THC. Truist Financial reiterated a buy rating and issued a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday. Robert W. Baird assumed coverage on Tenet Healthcare in a report on Thursday, May 30th. They issued an outperform rating and a $153.00 target price on the stock. Baird R W raised Tenet Healthcare to a strong-buy rating in a research note on Thursday, May 30th. Cantor Fitzgerald boosted their price target on Tenet Healthcare from $112.00 to $168.00 and gave the company an overweight rating in a research note on Thursday. Finally, Stephens boosted their price target on Tenet Healthcare from $95.00 to $122.00 and gave the company an equal weight rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $137.12.

Tenet Healthcare Price Performance

NYSE THC opened at $151.63 on Thursday. The stock’s 50-day moving average price is $134.97 and its two-hundred day moving average price is $111.17. The company has a current ratio of 1.45, a quick ratio of 1.37 and a debt-to-equity ratio of 2.53. The company has a market cap of $14.81 billion, a PE ratio of 5.88, a PEG ratio of 0.86 and a beta of 2.15. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $152.37.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $1.77. The firm had revenue of $5.37 billion for 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 business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. On average, analysts predict that Tenet Healthcare will post 10.68 EPS for the current year.

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

Insider Activity

In related news, Director Christopher S. Lynch sold 10,861 shares of the company’s stock in a transaction on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total value of $185,136.00. Following the completion of the transaction, the director now directly owns 16,227 shares in the company, valued at $2,145,858.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,453,527.63. Following the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,691 shares of company stock valued at $3,117,909. 0.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. ORG Partners LLC acquired a new position in Tenet Healthcare during the second quarter worth $31,000. Blue Trust Inc. raised its stake in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares in the last quarter. Rise Advisors LLC acquired a new position in Tenet Healthcare during the first quarter worth $29,000. Capital Advisors Ltd. LLC raised its stake in Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after acquiring an additional 319 shares in the last quarter. Finally, Versant Capital Management Inc bought a new stake in shares of Tenet Healthcare during the second quarter worth $71,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

About Tenet Healthcare

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.