Tenet Healthcare (NYSE:THC) Price Target Raised to $177.00

Tenet Healthcare (NYSE:THC) had its price objective hoisted by Cantor Fitzgerald from $168.00 to $177.00 in a report issued on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other research firms have also commented on THC. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group boosted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. KeyCorp assumed coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. Citigroup increased their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Barclays boosted their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Buy” and an average price target of $163.65.

Tenet Healthcare Stock Up 0.7 %

NYSE THC opened at $156.13 on Wednesday. The stock has a market cap of $14.85 billion, a PE ratio of 5.00, a P/E/G ratio of 0.72 and a beta of 2.14. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 2.35. Tenet Healthcare has a 12 month low of $52.08 and a 12 month high of $171.20. The stock’s 50 day moving average is $159.38 and its 200 day moving average is $142.08.

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

Tenet Healthcare declared that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was 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 directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,203 shares of company stock worth $20,378,757. 0.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in THC. Atria Investments Inc raised its position in shares of Tenet Healthcare by 31.8% in the 3rd quarter. Atria Investments Inc now owns 3,871 shares of the company’s stock valued at $643,000 after purchasing an additional 935 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Tenet Healthcare by 190.3% during the third quarter. Assetmark Inc. now owns 5,446 shares of the company’s stock worth $905,000 after buying an additional 3,570 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Tenet Healthcare during the third quarter valued at $87,000. Financial Strategies Group Inc. raised its stake in Tenet Healthcare by 6.3% in the 3rd quarter. Financial Strategies Group Inc. now owns 2,435 shares of the company’s stock worth $378,000 after acquiring an additional 144 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. acquired a new stake in Tenet Healthcare during the 3rd quarter worth about $6,395,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.