Tenet Healthcare’s (THC) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has a $168.00 price objective on the stock.

A number of other equities analysts also recently weighed in on the company. UBS Group boosted their price target on Tenet Healthcare from $180.00 to $197.00 and gave the stock a buy rating in a research report on Wednesday, August 14th. Raymond James increased their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a strong-buy rating in a research note on Thursday, July 25th. Citigroup lifted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a buy rating in a research report on Thursday, July 25th. StockNews.com upgraded shares of Tenet Healthcare from a buy rating to a strong-buy rating in a research note on Friday, June 7th. Finally, Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $152.69.

Tenet Healthcare Stock Down 2.1 %

NYSE:THC opened at $162.75 on Tuesday. The firm has a market capitalization of $15.90 billion, a price-to-earnings ratio of 6.32, a price-to-earnings-growth 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 twelve month low of $51.04 and a twelve month high of $171.20. The stock’s 50 day moving average price is $157.53 and its two-hundred day moving average price is $133.99.

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

Tenet Healthcare declared that its board has approved a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated 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 approximately $2,126,688.93. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $2,234,465.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last quarter. 0.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in THC. Glenview Capital Management LLC increased its holdings in shares of Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after buying an additional 877,180 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC bought a new stake in shares of Tenet Healthcare during the fourth quarter worth about $44,412,000. Greenlight Capital Inc. increased its stake in shares of Tenet Healthcare by 44.3% in the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after buying an additional 404,190 shares during the period. Finally, Acadian Asset Management LLC boosted its position in Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after buying an additional 321,789 shares during the period. Institutional investors 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.