Tenet Healthcare (NYSE:THC) Lifted to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Tenet Healthcare (NYSE:THC) from a buy rating to a strong-buy rating in a research report released on Thursday morning.

Several other equities analysts have also weighed in on THC. UBS Group raised their price objective on shares of Tenet Healthcare from $137.00 to $150.00 and gave the company a buy rating in a research report on Wednesday. Truist Financial reiterated a buy rating and issued a $130.00 price objective (up from $120.00) on shares of Tenet Healthcare in a report on Wednesday. Barclays raised their price objective on Tenet Healthcare from $113.00 to $147.00 and gave the company an overweight rating in a research note on Thursday. Mizuho reiterated a buy rating and issued a $130.00 target price (up from $118.00) on shares of Tenet Healthcare in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price objective on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $113.19.

Tenet Healthcare Stock Up 1.1 %

Shares of THC stock traded up $1.34 during trading on Thursday, hitting $120.28. 1,695,112 shares of the company were exchanged, compared to its average volume of 1,350,059. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of 4.67, a P/E/G ratio of 1.20 and a beta of 2.09. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.42 and a current ratio of 1.44. The business’s 50-day simple moving average is $100.37 and its 200 day simple moving average is $82.40. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $121.72.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The business had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the business posted $1.42 earnings per share. Tenet Healthcare’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts forecast that Tenet Healthcare will post 8.73 EPS for the current fiscal year.

Insider Buying and Selling

In other Tenet Healthcare news, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard W. Fisher sold 2,100 shares of the company’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 sale, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The disclosure for this sale can be found here. Insiders sold 59,416 shares of company stock worth $5,890,793 in the last 90 days. 0.93% of the stock is owned by company insiders.

Institutional Trading of Tenet Healthcare

Several large investors have recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in Tenet Healthcare in the 3rd quarter valued at $152,000. Raymond James & Associates boosted its stake in shares of Tenet Healthcare by 32.2% in the 3rd quarter. Raymond James & Associates now owns 135,477 shares of the company’s stock valued at $8,927,000 after purchasing an additional 32,992 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Tenet Healthcare by 11.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 100,502 shares of the company’s stock worth $6,622,000 after buying an additional 10,141 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Tenet Healthcare by 9.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,966 shares of the company’s stock valued at $1,250,000 after buying an additional 1,582 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in Tenet Healthcare by 31.4% during the 3rd quarter. Mackenzie Financial Corp now owns 50,393 shares of the company’s stock worth $3,185,000 after acquiring an additional 12,051 shares during the period. Institutional investors own 95.44% of the company’s stock.

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.