Tenet Healthcare (NYSE:THC) Price Target Raised to $180.00

Tenet Healthcare (NYSE:THC) had its price objective raised by Truist Financial from $170.00 to $180.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Barclays upped their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup upped their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. The Goldman Sachs Group lifted their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. UBS Group raised their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $156.06.

Tenet Healthcare Stock Up 2.4 %

NYSE THC opened at $164.04 on Monday. Tenet Healthcare has a one year low of $51.04 and a one year high of $171.20. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The business has a fifty day moving average price of $159.43 and a 200 day moving average price of $137.88. The company has a market cap of $16.02 billion, a P/E ratio of 6.37, a P/E/G ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Research analysts anticipate that Tenet Healthcare will post 10.73 EPS for the current fiscal year.

Tenet Healthcare declared that its board has approved a stock repurchase program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 in the last 90 days. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vista Investment Partners LLC purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth approximately $4,060,000. One Wealth Advisors LLC lifted its holdings in Tenet Healthcare by 26.4% in the third quarter. One Wealth Advisors LLC now owns 1,846 shares of the company’s stock valued at $307,000 after acquiring an additional 386 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in shares of Tenet Healthcare during the 3rd quarter worth $216,000. Swedbank AB purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at about $3,324,000. Finally, Creative Planning boosted its holdings in Tenet Healthcare by 2.9% during the third quarter. Creative Planning now owns 16,099 shares of the company’s stock worth $2,676,000 after buying an additional 461 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.