Tenet Healthcare (NYSE:THC) Price Target Raised to $183.00 at Royal Bank of Canada

Tenet Healthcare (NYSE:THC) had its target price hoisted by Royal Bank of Canada from $174.00 to $183.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms also recently issued reports on THC. Citigroup raised their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Truist Financial reiterated a “buy” rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday. Barclays raised their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. The Goldman Sachs Group lifted 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, UBS Group upped their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and an average target price of $163.65.

Tenet Healthcare Stock Up 0.7 %

THC opened at $156.13 on Wednesday. Tenet Healthcare has a fifty-two week low of $52.08 and a fifty-two week high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.38. The company’s 50-day moving average is $159.38 and its 200 day moving average is $142.08. The firm has a market capitalization of $14.85 billion, a P/E ratio of 5.00, a PEG ratio of 0.69 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (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 company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the company posted $1.44 earnings per share. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. Research analysts expect that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 132,203 shares of company stock worth $20,378,757 in the last ninety days. 0.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds have recently made changes to their positions in the business. Innealta Capital LLC purchased a new position in Tenet Healthcare in the 2nd quarter worth $28,000. ORG Wealth Partners LLC bought a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $30,000. ORG Partners LLC bought a new position in Tenet Healthcare during the 2nd quarter worth approximately $31,000. Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Tenet Healthcare in the second quarter worth approximately $34,000. 95.44% of the stock is currently owned by institutional investors.

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.