Tenet Healthcare Co. (NYSE:THC) Receives Consensus Rating of “Buy” from Analysts

Tenet Healthcare Co. (NYSE:THC) has been assigned an average recommendation of “Buy” from the seventeen analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $152.69.

A number of research analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. Barclays raised 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. 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 report on Wednesday, August 14th. Citigroup raised their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Truist Financial reaffirmed a “buy” rating and set a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th.

Insiders Place Their Bets

In related news, 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 transaction of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. 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 accessible through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’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 value of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. This represents 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 valued at $19,754,997 over the last quarter. 0.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds have recently made changes to their positions in THC. Innealta Capital LLC acquired a new stake in Tenet Healthcare during the second quarter worth about $28,000. Rise Advisors LLC purchased a new position in shares of Tenet Healthcare in the first quarter valued at approximately $29,000. ORG Partners LLC purchased a new position in Tenet Healthcare during the second quarter worth approximately $31,000. Blue Trust Inc. lifted its position 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 buying an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Tenet Healthcare during the second quarter worth $34,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 0.8 %

Shares of Tenet Healthcare stock opened at $152.78 on Friday. The company has a market capitalization of $14.92 billion, a price-to-earnings ratio of 5.93, a PEG ratio of 0.86 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20. The firm’s 50-day moving average price is $158.29 and its two-hundred day moving average price is $136.12.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, analysts forecast that Tenet Healthcare will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

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.