Tenet Healthcare’s (THC) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a report issued on Monday, Benzinga reports. Cantor Fitzgerald currently has a $168.00 price target on the stock.

A number of other brokerages also recently issued reports on THC. JPMorgan Chase & Co. increased their price target on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an overweight rating in a report on Thursday, May 30th. Royal Bank of Canada increased their target price on shares of Tenet Healthcare from $109.00 to $136.00 and gave the stock an outperform rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upped their price target on Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, June 28th. Mizuho reissued a buy rating and issued a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Finally, UBS Group upped their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a buy rating in a research note on Wednesday, August 14th. 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $152.69.

Tenet Healthcare Stock Up 1.4 %

NYSE:THC opened at $160.49 on Monday. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $161.65. 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 capitalization of $15.68 billion, a P/E ratio of 6.23, a PEG ratio of 0.76 and a beta of 2.15. The company’s fifty day moving average price is $141.39 and its 200-day moving average price is $119.61.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.42. The business had revenue of $5.10 billion during 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%. As a group, equities research analysts anticipate that Tenet Healthcare will post 10.68 EPS for the current year.

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

Insider Buying and Selling at Tenet Healthcare

In other news, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the transaction, the director now owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total value of $185,136.00. Following the transaction, the director now owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders sold a total of 126,865 shares of company stock worth $19,186,587 in the last three months. 0.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Tenet Healthcare during the 4th quarter worth approximately $78,254,000. Glenview Capital Management LLC grew its stake in shares of Tenet Healthcare by 12.8% in the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after buying an additional 877,180 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Tenet Healthcare by 11.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares during the period. 8 Knots Management LLC purchased a new position in Tenet Healthcare during the 4th quarter valued at about $44,412,000. Finally, Wedge Capital Management L L P NC grew its position in Tenet Healthcare by 1,265.6% in the 1st quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock valued at $49,208,000 after acquiring an additional 433,877 shares in the last quarter. 95.44% of the stock is currently 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.