Wells Fargo & Company Raises Tenet Healthcare (NYSE:THC) Price Target to $115.00

Tenet Healthcare (NYSE:THC) had its target price hoisted by equities researchers at Wells Fargo & Company from $105.00 to $115.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 9.89% from the company’s current price.

A number of other equities analysts also recently commented on THC. Truist Financial lifted their price objective on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 9th. TheStreet raised shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a report on Tuesday, February 6th. Wolfe Research raised shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price objective for the company in a report on Wednesday. Royal Bank of Canada lifted their price objective on shares of Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a report on Friday, February 9th. Finally, StockNews.com raised shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Saturday, December 16th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $97.56.

Tenet Healthcare Stock Performance

Tenet Healthcare stock traded down $0.22 during trading hours on Thursday, reaching $104.65. 125,939 shares of the stock were exchanged, compared to its average volume of 1,156,227. The firm’s 50 day moving average is $92.12 and its 200 day moving average is $75.50. The company has a debt-to-equity ratio of 4.77, a quick ratio of 1.42 and a current ratio of 1.51. The stock has a market cap of $10.47 billion, a P/E ratio of 18.33, a P/E/G ratio of 3.21 and a beta of 2.07. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $107.80.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The firm had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the firm posted $1.96 earnings per share. Tenet Healthcare’s revenue for the quarter was up 7.8% compared to the same quarter last year. Analysts predict that Tenet Healthcare will post 6.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the sale, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard J. Mark sold 14,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the sale, the director now owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,268 shares of company stock worth $4,944,810. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Yousif Capital Management LLC increased its position in Tenet Healthcare by 0.3% during the 4th quarter. Yousif Capital Management LLC now owns 42,825 shares of the company’s stock valued at $3,236,000 after buying an additional 131 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Tenet Healthcare by 1.7% in the fourth quarter. SummerHaven Investment Management LLC now owns 8,685 shares of the company’s stock worth $656,000 after purchasing an additional 145 shares in the last quarter. Xponance Inc. lifted its holdings in Tenet Healthcare by 1.2% in the 4th quarter. Xponance Inc. now owns 12,337 shares of the company’s stock worth $932,000 after purchasing an additional 147 shares in the last quarter. US Bancorp DE lifted its holdings in Tenet Healthcare by 14.6% in the 1st quarter. US Bancorp DE now owns 1,428 shares of the company’s stock worth $123,000 after purchasing an additional 182 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Tenet Healthcare by 46.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 629 shares of the company’s stock worth $31,000 after acquiring an additional 199 shares during the last quarter. 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.