Tenet Healthcare (NYSE:THC) Given New $177.00 Price Target at Cantor Fitzgerald

Tenet Healthcare (NYSE:THC) had its price objective boosted by Cantor Fitzgerald from $168.00 to $177.00 in a research report report published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also issued reports on THC. Royal Bank of Canada boosted their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday. Barclays increased their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Citigroup upped their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Truist Financial restated a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. Finally, Raymond James upped their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Stock Performance

Shares of THC opened at $156.13 on Wednesday. Tenet Healthcare has a one year low of $52.08 and a one year high of $171.20. The business has a fifty day moving average of $159.38 and a 200 day moving average of $142.08. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.38. The firm has a market capitalization of $14.85 billion, a P/E ratio of 5.00, a PEG ratio of 0.69 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released 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. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, sell-side analysts anticipate that Tenet Healthcare will post 11.38 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, 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 sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,203 shares of company stock worth $20,378,757. 0.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in THC. Mirae Asset Global Investments Co. Ltd. boosted its position in Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after buying an additional 90 shares during the period. Optas LLC raised its position in Tenet Healthcare by 3.4% during the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after purchasing an additional 93 shares in the last quarter. Signaturefd LLC grew its position in shares of Tenet Healthcare by 17.6% during the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after buying an additional 94 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Tenet Healthcare by 20.7% in the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after acquiring an additional 96 shares in the last quarter. Finally, First Citizens Bank & Trust Co. lifted its stake in Tenet Healthcare by 5.1% in the third quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock worth $370,000 after acquiring an additional 109 shares during the period. 95.44% of the stock is currently 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.