Tenet Healthcare (NYSE:THC) Stock Rating Reaffirmed by Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a report released on Tuesday morning, Benzinga reports. They currently have a $168.00 price objective on the stock.

THC has been the subject of a number of other reports. 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 report on Wednesday, August 14th. Barclays upped their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Raymond James upped their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a strong-buy rating in a report on Thursday, July 25th. StockNews.com raised Tenet Healthcare from a buy rating to a strong-buy rating in a report on Friday, June 7th. Finally, Truist Financial reaffirmed a buy rating and issued a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Buy and an average price target of $152.69.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $156.78 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock has a 50 day simple moving average of $157.86 and a 200-day simple moving average of $134.18. The company has a market cap of $15.31 billion, a PE ratio of 6.08, a P/E/G ratio of 0.86 and a beta of 2.14. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20.

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, topping the consensus estimate of $1.89 by $0.42. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, equities research analysts forecast that Tenet Healthcare will post 10.72 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on 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 transaction, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. 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

Hedge funds have recently bought and sold shares of the business. Innealta Capital LLC acquired a new position in Tenet Healthcare during the second quarter worth $28,000. Rise Advisors LLC acquired a new stake in shares of Tenet Healthcare in the first quarter valued at about $29,000. ORG Partners LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at about $31,000. Blue Trust Inc. grew its position in shares of 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 during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at about $34,000. 95.44% of the stock is owned by institutional investors and hedge funds.

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.