Tenet Healthcare (NYSE:THC) Price Target Raised to $196.00

Tenet Healthcare (NYSE:THC) had its price objective hoisted by The Goldman Sachs Group from $173.00 to $196.00 in a report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently issued reports on THC. Citigroup upped their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Barclays raised their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price on the stock. Royal Bank of Canada upped their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Truist Financial restated a “buy” rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $156.13 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 2.35. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of 5.00, a PEG ratio of 0.72 and a beta of 2.14. The company’s 50-day moving average price is $159.38 and its 200 day moving average price is $142.08. Tenet Healthcare has a 52 week low of $52.08 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the company earned $1.44 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, research analysts forecast that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a share buyback 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction that occurred 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 sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 132,203 shares of company stock valued at $20,378,757. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in THC. BNP Paribas Financial Markets lifted its stake 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 purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Tenet Healthcare during the 1st quarter valued at about $410,000. Legacy Capital Group California Inc. bought a new position in Tenet Healthcare in the third quarter worth about $1,055,000. Diversified Trust Co acquired a new position in Tenet Healthcare in the second quarter valued at approximately $558,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Tenet Healthcare during the 1st quarter worth approximately $537,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.