Tenet Healthcare (NYSE:THC) Upgraded to “Strong-Buy” at KeyCorp

KeyCorp upgraded shares of Tenet Healthcare (NYSE:THC) to a strong-buy rating in a research report released on Thursday morning, Zacks.com reports.

THC has been the topic of several other reports. UBS Group upped their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a buy rating in a report on Wednesday, August 14th. Raymond James raised their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a strong-buy rating in a research report on Thursday, July 25th. Cantor Fitzgerald reissued an overweight rating and issued a $168.00 price target on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a research report on Tuesday, July 30th. Finally, Citigroup raised their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a research report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of Buy and a consensus target price of $155.47.

Tenet Healthcare Trading Up 2.0 %

NYSE THC opened at $155.82 on Thursday. The company has a market capitalization of $14.93 billion, a PE ratio of 5.72, a P/E/G ratio of 0.78 and a beta of 2.14. The company has a fifty day moving average of $158.58 and a 200 day moving average of $136.95. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Research analysts forecast that Tenet Healthcare will post 10.73 earnings per share for the current year.

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

Insider Transactions at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This trade represents 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. In other news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the transaction, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. 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 90 days. Corporate insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after acquiring an additional 172,913 shares during the period. BNP Paribas Financial Markets increased its stake in Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after buying an additional 29,172 shares during the period. Headlands Technologies LLC acquired a new position in Tenet Healthcare during the 1st quarter valued at about $410,000. Diversified Trust Co acquired a new position in Tenet Healthcare during the 2nd quarter valued at about $558,000. Finally, Janney Montgomery Scott LLC acquired a new position in Tenet Healthcare during the 1st quarter valued at about $537,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.