Tenet Healthcare’s (THC) Buy Rating Reaffirmed at Truist Financial

Truist Financial reiterated their buy rating on shares of Tenet Healthcare (NYSE:THC) in a research note published on Wednesday, Benzinga reports. The brokerage currently has a $190.00 target price on the stock, up from their prior target price of $180.00.

Other analysts have also issued reports about the company. KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target on the stock. Citigroup increased their price target 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. Barclays boosted their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Wells Fargo & Company increased their target price on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $163.65.

Tenet Healthcare Stock Down 2.9 %

Shares of NYSE THC opened at $158.05 on Wednesday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The firm’s 50-day moving average is $159.66 and its two-hundred day moving average is $141.59. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20. The company has a market capitalization of $15.14 billion, a PE ratio of 5.80, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the company earned $1.44 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Fisher sold 2,000 shares of the business’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 $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock worth $19,754,997 in the last quarter. 0.93% of the stock is owned by corporate insiders.

Institutional Trading of Tenet Healthcare

A number of institutional investors and hedge funds have recently made changes to their positions in THC. State of Michigan Retirement System grew its stake in Tenet Healthcare by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock worth $2,617,000 after buying an additional 500 shares during the last quarter. First Trust Direct Indexing L.P. bought a new position in shares of Tenet Healthcare during the first quarter worth about $254,000. Retirement Systems of Alabama lifted its position in Tenet Healthcare by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock valued at $13,404,000 after purchasing an additional 334 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Tenet Healthcare by 0.7% during 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 purchasing an additional 90 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after purchasing an additional 29,172 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.