Tenet Healthcare (NYSE:THC) Receives “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Tenet Healthcare (NYSE:THC) in a report published on Wednesday, Benzinga reports. The firm currently has a $190.00 price target on the stock, up from their prior price target of $180.00.

THC has been the subject of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. KeyCorp began coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Raymond James boosted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Price Performance

THC stock opened at $158.05 on Wednesday. The business’s fifty day moving average price is $159.66 and its 200 day moving average price is $141.59. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20. The company has a market capitalization of $15.14 billion, a PE ratio of 5.80, a P/E/G ratio of 0.71 and a beta of 2.14. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the firm posted $1.44 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,203 shares of company stock worth $19,754,997. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several institutional investors have recently bought and sold shares of THC. State of Michigan Retirement System boosted its holdings in shares of Tenet Healthcare by 2.0% in the first quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock valued at $2,617,000 after acquiring an additional 500 shares in the last quarter. First Trust Direct Indexing L.P. purchased a new stake in Tenet Healthcare in the 1st quarter valued at approximately $254,000. Retirement Systems of Alabama raised its stake in shares of Tenet Healthcare by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock worth $13,404,000 after buying an additional 334 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after buying an additional 90 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after acquiring an additional 29,172 shares during the period. 95.44% of the stock is 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.