Wells Fargo & Company Raises Tenet Healthcare (NYSE:THC) Price Target to $175.00

Tenet Healthcare (NYSE:THC) had its price objective lifted by equities research analysts at Wells Fargo & Company from $145.00 to $175.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 16.90% from the company’s previous close.

THC has been the subject of several other reports. Stephens lifted their price objective on shares of Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Robert W. Baird initiated coverage on Tenet Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $153.00 target price on the stock. Barclays raised their price target on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, JPMorgan Chase & Co. increased their target price on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and a consensus price target of $146.71.

Tenet Healthcare Trading Down 0.3 %

Shares of THC opened at $149.70 on Tuesday. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $155.00. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The company’s fifty day moving average is $136.19 and its 200 day moving average is $112.42. The stock has a market capitalization of $14.62 billion, a PE ratio of 5.81, a P/E/G ratio of 0.78 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The business had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.42 earnings per share. Sell-side analysts expect that Tenet Healthcare will post 10.68 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, Director Richard W. Fisher sold 2,500 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $123.20, for a total value of $308,000.00. Following the sale, the director now directly owns 17,627 shares of the company’s stock, valued at approximately $2,171,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Richard W. Fisher sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $123.20, for a total transaction of $308,000.00. Following the sale, the director now directly owns 17,627 shares of the company’s stock, valued at $2,171,646.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares in the company, valued at approximately $1,975,196.97. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,543 shares of company stock worth $2,171,926. 0.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of institutional investors have recently modified their holdings of the business. Fortis Group Advisors LLC grew its holdings in Tenet Healthcare by 15.5% in the second quarter. Fortis Group Advisors LLC now owns 2,607 shares of the company’s stock valued at $347,000 after purchasing an additional 349 shares during the period. Sage Rhino Capital LLC acquired a new stake in Tenet Healthcare in the 2nd quarter valued at $228,000. Forum Financial Management LP purchased a new stake in Tenet Healthcare in the 2nd quarter worth $239,000. Empirical Finance LLC purchased a new position in Tenet Healthcare during the second quarter valued at $653,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Tenet Healthcare by 20.5% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 33,661 shares of the company’s stock valued at $4,478,000 after purchasing an additional 5,721 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.