Tenet Healthcare (NYSE:THC) Price Target Raised to $183.00

Tenet Healthcare (NYSE:THC) had its price target raised by Royal Bank of Canada from $174.00 to $183.00 in a research note published on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other analysts have also recently issued reports on THC. Wells Fargo & Company raised their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. UBS Group lifted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group raised their target price on shares of 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 research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Finally, Citigroup boosted 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. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $163.65.

Tenet Healthcare Stock Up 0.7 %

THC stock opened at $156.13 on Wednesday. Tenet Healthcare has a twelve month low of $52.08 and a twelve month high of $171.20. The company has a market cap of $14.85 billion, a price-to-earnings ratio of 5.00, a P/E/G ratio of 0.72 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The business has a 50 day moving average price of $159.38 and a two-hundred day moving average price of $142.08.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. 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 company earned $1.44 earnings per share. Analysts anticipate that Tenet Healthcare will post 11.38 EPS for the current fiscal year.

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

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was 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 owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 132,203 shares of company stock worth $20,378,757. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of THC. ORG Wealth Partners LLC bought a new position in shares of Tenet Healthcare in the 3rd quarter worth about $30,000. Financial Management Professionals Inc. lifted its position in shares of Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock valued at $35,000 after acquiring an additional 200 shares during the period. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare in the 2nd quarter valued at about $28,000. ORG Partners LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. lifted its stake in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in the last quarter. 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.