Wells Fargo & Company Boosts Tenet Healthcare (NYSE:THC) Price Target to $205.00

Tenet Healthcare (NYSE:THC) had its price target raised by equities research analysts at Wells Fargo & Company from $195.00 to $205.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 30.56% from the stock’s previous close.

A number of other research firms have also recently weighed in on THC. Cantor Fitzgerald boosted their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. KeyCorp started coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Truist Financial reissued a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Finally, Citigroup boosted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $164.24.

Tenet Healthcare Price Performance

Shares of THC stock traded down $9.85 during mid-day trading on Wednesday, hitting $157.02. The company had a trading volume of 222,177 shares, compared to its average volume of 1,207,610. Tenet Healthcare has a 52-week low of $52.08 and a 52-week high of $171.20. The stock’s 50 day moving average price is $159.42 and its 200-day moving average price is $143.73. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The company has a market capitalization of $14.93 billion, a P/E ratio of 5.03, a P/E/G ratio of 0.70 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. Equities research analysts forecast that Tenet Healthcare will post 11.38 earnings per share for the current year.

Tenet Healthcare announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated Wednesday, August 14th. The shares were 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 of the company’s stock, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Paola M. Arbour sold 8,377 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the transaction, the executive vice president now owns 21,426 shares in the company, valued at $3,342,456. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,203 shares of company stock valued at $17,451,957. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Tenet Healthcare during the 1st quarter worth about $410,000. Legacy Capital Group California Inc. acquired a new position in Tenet Healthcare in the 3rd quarter valued at about $1,055,000. Diversified Trust Co acquired a new position in Tenet Healthcare in the 2nd quarter valued at about $558,000. Finally, Janney Montgomery Scott LLC acquired a new position in Tenet Healthcare in the 1st quarter valued at about $537,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

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.