Tenet Healthcare (NYSE:THC) Given “Buy” Rating at Truist Financial

Truist Financial reaffirmed their buy rating on shares of Tenet Healthcare (NYSE:THC) in a research report report published on Thursday morning, Benzinga reports. They currently have a $170.00 target price on the stock, up from their previous target price of $155.00.

Several other equities analysts have also issued reports on the stock. Mizuho reissued a buy rating and issued a $130.00 price target (up previously from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. UBS Group boosted their price target on shares of Tenet Healthcare from $137.00 to $150.00 and gave the company a buy rating in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a buy rating in a report on Friday, June 28th. Stephens boosted their price target on shares of Tenet Healthcare from $95.00 to $122.00 and gave the company an equal weight rating in a report on Wednesday, May 1st. Finally, Barclays boosted their price target on shares of Tenet Healthcare from $147.00 to $156.00 and gave the company an overweight rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $137.12.

Tenet Healthcare Price Performance

THC opened at $151.63 on Thursday. The company has a fifty day moving average price of $134.97 and a two-hundred day moving average price of $111.17. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.37 and a current ratio of 1.45. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $152.37. The firm has a market capitalization of $14.81 billion, a PE ratio of 5.88, a P/E/G ratio of 0.86 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the previous year, the business earned $1.42 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, analysts anticipate that Tenet Healthcare will post 10.68 earnings per share for the current year.

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

Insiders Place Their Bets

In other Tenet Healthcare news, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Christopher S. Lynch sold 10,861 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas W. Arnst sold 8,148 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. Insiders have sold 24,691 shares of company stock valued at $3,117,909 in the last three months. 0.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of THC. Norges Bank acquired a new position in Tenet Healthcare in the 4th quarter valued at about $78,254,000. Glenview Capital Management LLC grew its stake in Tenet Healthcare by 12.8% in the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after buying an additional 877,180 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Tenet Healthcare by 11.1% in the 1st 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 acquired a new position in Tenet Healthcare in the 4th quarter valued at about $44,412,000. Finally, Wedge Capital Management L L P NC grew its stake in Tenet Healthcare by 1,265.6% in the 1st quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock valued at $49,208,000 after buying an additional 433,877 shares during the last quarter. 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.