Tenet Healthcare Co. (NYSE:THC) Receives $163.65 Average PT from Analysts

Shares of Tenet Healthcare Co. (NYSE:THC) have received an average rating of “Buy” from the eighteen research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $165.35.

Several equities research analysts have issued reports on the stock. Citigroup boosted their price target 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 increased their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. UBS Group raised their target price on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Truist Financial reiterated a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th.

Tenet Healthcare Stock Performance

NYSE THC opened at $166.91 on Tuesday. The company’s fifty day moving average is $159.45 and its two-hundred day moving average is $145.65. The firm has a market capitalization of $15.87 billion, a price-to-earnings ratio of 5.35, a P/E/G ratio of 0.74 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare has a 52-week low of $53.63 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the prior year, the firm posted $1.44 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts forecast that Tenet Healthcare will post 11.38 EPS for the current year.

Tenet Healthcare declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,203 shares of company stock valued at $17,451,957. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Tenet Healthcare

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in Tenet Healthcare by 0.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after acquiring an additional 90 shares in the last quarter. Optas LLC boosted its holdings in shares of Tenet Healthcare by 3.4% in the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after buying an additional 93 shares during the last quarter. Signaturefd LLC grew its stake in shares of Tenet Healthcare by 17.6% in the third quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after buying an additional 94 shares in the last quarter. CIBC Asset Management Inc raised its position in Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after acquiring an additional 94 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Tenet Healthcare by 20.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after acquiring an additional 96 shares during the period. 95.44% of the stock is currently 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.