Tenet Healthcare Co. (NYSE:THC) Given Consensus Rating of “Buy” by Analysts

Shares of Tenet Healthcare Co. (NYSE:THC) have earned an average rating of “Buy” from the seventeen ratings firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $149.75.

Several equities analysts have recently issued reports on THC shares. Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. upped their price target on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Mizuho reaffirmed a “buy” rating and set a $130.00 price target (up previously from $118.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Stephens upped their price target on Tenet Healthcare from $95.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. Finally, Royal Bank of Canada upped their price target on Tenet Healthcare from $109.00 to $136.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $141.75 on Friday. 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 firm has a market cap of $13.58 billion, a P/E ratio of 5.50, a P/E/G ratio of 0.76 and a beta of 2.15. The business’s fifty day moving average is $136.79 and its two-hundred day moving average is $113.31. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $155.00.

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

Insider Activity

In other news, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the completion of the sale, the director now directly owns 16,227 shares in the company, valued at approximately $2,145,858.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the completion of the transaction, the director now owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the transaction, the director now directly owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The disclosure for this sale can be found here. In the last three months, insiders sold 16,543 shares of company stock worth $2,171,926. 0.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Foster & Motley Inc. increased its holdings in Tenet Healthcare by 5.5% in the 2nd quarter. Foster & Motley Inc. now owns 3,771 shares of the company’s stock worth $502,000 after purchasing an additional 195 shares in the last quarter. Range Financial Group LLC acquired a new position in Tenet Healthcare in the 2nd quarter worth about $866,000. TD Asset Management Inc increased its holdings in Tenet Healthcare by 22.6% in the 2nd quarter. TD Asset Management Inc now owns 144,654 shares of the company’s stock worth $19,243,000 after purchasing an additional 26,698 shares in the last quarter. Jackson Creek Investment Advisors LLC acquired a new position in Tenet Healthcare in the 2nd quarter worth about $402,000. Finally, Versor Investments LP acquired a new position in Tenet Healthcare in the 2nd quarter worth about $1,543,000. Institutional investors and hedge funds 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.