Tenet Healthcare (NYSE:THC) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a $168.00 price objective on the stock.

A number of other brokerages have also recently commented on THC. Wells Fargo & Company increased their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a research note on Tuesday, July 30th. Barclays lifted their price target on 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 objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a research note on Thursday, July 25th. Truist Financial reissued a buy rating and set a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Finally, UBS Group raised their price target on Tenet Healthcare from $180.00 to $197.00 and gave the company a buy rating in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $152.69.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $156.57 on Tuesday. The company has a fifty day moving average price of $158.00 and a 200 day moving average price of $134.34. The firm has a market cap of $15.29 billion, a PE ratio of 6.08, a PEG ratio of 0.86 and a beta of 2.14. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Research analysts predict that Tenet Healthcare will post 10.72 earnings per share for the current fiscal year.

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

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare 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 transaction, the insider now owns 6,324 shares in the company, 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 legal filing with the SEC, which is available at this link. In other news, insider R. Scott Ramsey sold 11,599 shares of the company’s 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 in the company, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new stake in Tenet Healthcare in the second quarter worth $28,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare during the second quarter valued at about $31,000. Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring an additional 120 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare during the 2nd quarter valued at about $34,000. Finally, Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare in the first quarter worth approximately $29,000. 95.44% of the stock is 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.