Tenet Healthcare (NYSE:THC) Receives Overweight Rating from Cantor Fitzgerald

Tenet Healthcare (NYSE:THC)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $168.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 8.41% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Barclays raised their price target on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Mizuho reaffirmed a “buy” rating and issued a $130.00 price objective (up previously from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lifted their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. Robert W. Baird assumed coverage on shares of Tenet Healthcare in a research report on Thursday, May 30th. They set an “outperform” rating and a $153.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $152.69.

Tenet Healthcare Trading Down 1.1 %

NYSE:THC traded down $1.69 during trading hours on Monday, reaching $154.97. 173,160 shares of the stock were exchanged, compared to its average volume of 1,230,822. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The business has a 50-day moving average of $140.29 and a two-hundred day moving average of $118.40. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $157.60. The company has a market capitalization of $15.14 billion, a price-to-earnings ratio of 6.01, a PEG ratio of 0.76 and a beta of 2.15.

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, beating analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, equities analysts predict that Tenet Healthcare will post 10.68 EPS for the current year.

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

Insider Buying and Selling

In other news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $132.24, for a total value of $185,136.00. Following the completion of the transaction, the director now directly owns 16,227 shares in the company, valued at approximately $2,145,858.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on Wednesday, August 14th. The shares were 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 $2,126,688.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now directly owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The disclosure for this sale can be found here. Insiders have sold a total of 118,488 shares of company stock worth $17,879,775 over the last ninety days. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Innealta Capital LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $28,000. ORG Partners LLC purchased a new position in shares of Tenet Healthcare in the 2nd quarter valued at approximately $31,000. Blue Trust Inc. raised its holdings 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 purchasing an additional 120 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Tenet Healthcare in the second quarter worth $34,000. Finally, Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare in the first quarter valued at $29,000. 95.44% of the stock is currently owned by institutional investors.

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.