Tenet Healthcare (NYSE:THC) Price Target Raised to $217.00 at UBS Group

Tenet Healthcare (NYSE:THC) had its target price hoisted by UBS Group from $197.00 to $217.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also commented on THC. Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Truist Financial upped their price target on Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Barclays boosted their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Finally, Raymond James lifted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Buy” and an average target price of $163.65.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $156.13 on Wednesday. Tenet Healthcare has a 52 week low of $52.08 and a 52 week high of $171.20. The stock has a market cap of $14.85 billion, a P/E ratio of 5.00, a P/E/G ratio of 0.72 and a beta of 2.14. The company’s 50 day moving average price is $159.38 and its two-hundred day moving average price is $142.08. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the company earned $1.44 EPS. The company’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts predict that Tenet Healthcare will post 11.38 earnings per share for the current year.

Tenet Healthcare announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Lisa Y. Foo sold 4,000 shares of the 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 in the company, valued at $2,427,362.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $327,340.00. Following 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. In the last quarter, insiders sold 132,203 shares of company stock valued at $20,378,757. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after buying an additional 90 shares during the period. Optas LLC lifted its holdings in Tenet Healthcare by 3.4% during the third 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 boosted its position in shares of Tenet Healthcare by 17.6% in the third quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after purchasing an additional 94 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after buying an additional 96 shares in the last quarter. Finally, First Citizens Bank & Trust Co. raised its holdings in Tenet Healthcare by 5.1% during the third quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock valued at $370,000 after acquiring an additional 109 shares during the period. 95.44% of the stock is currently owned by hedge funds and other 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.