Tenet Healthcare Co. (NYSE:THC) Given Consensus Rating of “Buy” by Analysts

Tenet Healthcare Co. (NYSE:THC) has received a consensus rating of “Buy” from the eighteen research firms that are currently covering the firm, MarketBeat.com 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 objective among analysts that have issued ratings on the stock in the last year is $156.06.

Several brokerages have recently issued reports on THC. Citigroup lifted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Truist Financial increased their target price on shares of Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday. Barclays increased their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. The Goldman Sachs Group increased their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, KeyCorp started coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the transaction, 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 valued at $19,754,997 in the last 90 days. 0.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently made changes to their positions in the company. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare in the third quarter valued at about $30,000. Innealta Capital LLC bought a new position in shares of Tenet Healthcare during the second quarter worth about $28,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare during the second quarter worth about $31,000. Blue Trust Inc. grew its holdings in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare during the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 3.2 %

Shares of NYSE:THC opened at $160.26 on Friday. The company has a market cap of $15.65 billion, a PE ratio of 6.22, a P/E/G ratio of 0.78 and a beta of 2.14. The company’s 50-day moving average price is $159.06 and its 200 day moving average price is $137.70. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $171.20. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. Sell-side analysts anticipate that Tenet Healthcare will post 10.73 earnings per share for the current year.

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

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.