Tenet Healthcare (NYSE:THC) Price Target Increased to $195.00 by Analysts at Wells Fargo & Company

Tenet Healthcare (NYSE:THC) had its price objective boosted by Wells Fargo & Company from $175.00 to $195.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. UBS Group boosted their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Barclays lifted their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. 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 note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Raymond James raised their target price on Tenet Healthcare from $130.00 to $175.00 and gave the company 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $157.24.

Tenet Healthcare Trading Down 7.5 %

Shares of THC stock opened at $139.70 on Tuesday. 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 business has a 50-day moving average of $159.85 and a 200 day moving average of $140.23. The stock has a market capitalization of $13.65 billion, a PE ratio of 5.42, a P/E/G ratio of 0.80 and a beta of 2.14. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its earnings results 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 firm had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. As a group, sell-side analysts anticipate that Tenet Healthcare will post 10.72 earnings per share for the current year.

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

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated 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 completion of the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Tenet Healthcare 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 completion of 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 filing with the Securities & Exchange Commission, which is available 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 completion of the sale, 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. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 in the last ninety days. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its stake 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 worth $831,947,000 after purchasing an additional 790,684 shares during the period. 8 Knots Management LLC lifted its holdings in Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after buying an additional 438,033 shares in the last quarter. Acadian Asset Management LLC boosted its position in Tenet Healthcare by 7,223.1% in the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares during the period. Farallon Capital Management LLC increased its position in shares of 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 acquiring an additional 262,600 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after acquiring an additional 245,875 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

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.