Barclays Forecasts Strong Price Appreciation for Tenet Healthcare (NYSE:THC) Stock

Tenet Healthcare (NYSE:THC) had its price objective raised by research analysts at Barclays from $171.00 to $190.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 15.01% from the stock’s previous close.

THC has been the subject of a number of other reports. KeyCorp assumed coverage on Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. The Goldman Sachs Group raised their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company boosted their price target on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, UBS Group raised their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and an average target price of $165.35.

Tenet Healthcare Price Performance

Shares of THC opened at $165.21 on Friday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm has a market capitalization of $15.71 billion, a PE ratio of 5.29, a P/E/G ratio of 0.72 and a beta of 2.15. The stock has a 50 day simple moving average of $159.43 and a 200 day simple moving average of $144.84. Tenet Healthcare has a 52-week low of $52.08 and a 52-week high of $171.20.

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

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

Insider Transactions at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,203 shares of company stock worth $17,451,957. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in THC. Intech Investment Management LLC increased its stake in Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock worth $13,174,000 after acquiring an additional 24,385 shares during the period. Moran Wealth Management LLC raised its stake in Tenet Healthcare by 7.9% in the third quarter. Moran Wealth Management LLC now owns 2,064 shares of the company’s stock valued at $343,000 after purchasing an additional 151 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Tenet Healthcare by 12.1% during the third quarter. First Horizon Advisors Inc. now owns 1,180 shares of the company’s stock worth $196,000 after purchasing an additional 127 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Tenet Healthcare in the 3rd quarter valued at about $1,158,000. Finally, BIP Wealth LLC lifted its holdings in shares of Tenet Healthcare by 43.7% during the 3rd quarter. BIP Wealth LLC now owns 3,549 shares of the company’s stock worth $590,000 after acquiring an additional 1,079 shares during the period. 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.