Tenet Healthcare (NYSE:THC) PT Raised to $195.00

Tenet Healthcare (NYSE:THC) had its price objective boosted by equities researchers at Wells Fargo & Company from $175.00 to $195.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 23.72% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on THC. UBS Group boosted their price target on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. The Goldman Sachs Group raised their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Truist Financial upped their price target on shares of Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Barclays lifted their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $157.24.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $157.62 on Tuesday. Tenet Healthcare has a one year low of $51.04 and a one 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. The firm has a market cap of $15.40 billion, a price-to-earnings ratio of 6.12, a P/E/G ratio of 0.78 and a beta of 2.14. The stock’s fifty day moving average price is $160.20 and its two-hundred day moving average price is $139.76.

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 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 business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. On average, equities analysts forecast that Tenet Healthcare will post 10.73 EPS for the current year.

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

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Paola M. Arbour sold 8,377 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the sale, the executive vice president now directly owns 21,426 shares of the company’s stock, valued at $3,342,456. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last ninety days. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare in the third quarter worth approximately $30,000. Innealta Capital LLC acquired a new position in shares of Tenet Healthcare during the 2nd quarter valued at $28,000. ORG Partners LLC acquired a new stake in Tenet Healthcare in the second quarter worth $31,000. Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Tenet Healthcare during the 2nd quarter worth about $34,000. 95.44% of the stock is owned by institutional investors and hedge funds.

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.