Tenet Healthcare (NYSE:THC) Upgraded by KeyCorp to Strong-Buy

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

Several other analysts have also recently commented on the stock. UBS Group lifted their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a buy rating in a research note on Wednesday, August 14th. 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. Citigroup lifted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a report on Thursday, July 25th. The Goldman Sachs Group lifted their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a buy rating in a report on Tuesday, July 30th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $155.47.

Tenet Healthcare Stock Up 2.0 %

THC stock opened at $155.80 on Thursday. The firm has a 50 day moving average of $158.58 and a 200 day moving average of $136.49. The stock has a market capitalization of $14.93 billion, a PE ratio of 5.72, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating 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. Sell-side 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 authorized a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, 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 link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the transaction, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of THC. Price T Rowe Associates Inc. MD lifted its position in Tenet Healthcare by 11.1% in the first 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 last quarter. 8 Knots Management LLC increased its stake in Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after purchasing an additional 438,033 shares during the period. Acadian Asset Management LLC increased its stake in Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares during the period. Farallon Capital Management LLC increased its stake in Tenet Healthcare by 70.1% during the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after purchasing an additional 262,600 shares during the period. Finally, Kingdon Capital Management L.L.C. increased its stake in Tenet Healthcare by 335.8% during the first quarter. Kingdon Capital Management L.L.C. now owns 278,700 shares of the company’s stock worth $29,294,000 after purchasing an additional 214,750 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.