Tenet Healthcare (NYSE:THC – Get Free Report) had its target price increased by stock analysts at Cantor Fitzgerald from $168.00 to $177.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 14.15% from the company’s previous close.
THC has been the subject of a number of other research reports. Citigroup increased their target price 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. The Goldman Sachs Group lifted their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Truist Financial restated a “buy” rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Finally, Raymond James raised their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and an average price target of $163.65.
Tenet Healthcare Stock Down 1.9 %
Tenet Healthcare (NYSE:THC – Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the business posted $1.44 earnings per share. As a group, equities analysts predict that Tenet Healthcare will post 10.72 EPS for the current year.
Tenet Healthcare announced that its board has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Insider Buying and Selling
In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 completion of the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. 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 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 transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,203 shares of company stock worth $19,754,997. Corporate insiders own 0.93% of the company’s stock.
Hedge Funds Weigh In On Tenet Healthcare
Institutional investors and hedge funds have recently bought and sold shares of the stock. Innealta Capital LLC purchased a new position in shares of Tenet Healthcare in the second quarter valued at about $28,000. ORG Wealth Partners LLC bought a new position in Tenet Healthcare during the 3rd quarter valued at approximately $30,000. ORG Partners LLC bought a new position in Tenet Healthcare during the 2nd quarter valued at approximately $31,000. Blue Trust Inc. raised its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare during the 2nd quarter valued at approximately $34,000. 95.44% of the stock is currently owned by institutional investors.
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.
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