Tenet Healthcare (NYSE:THC) PT Raised to $60.00

Tenet Healthcare (NYSE:THC) had its price target upped by stock analysts at Truist Securities from $56.00 to $60.00 in a note issued to investors on Thursday, Stock Target Advisor reports. Truist Securities’ target price suggests a potential upside of 7.09% from the stock’s previous close.

THC has been the subject of a number of other research reports. Raymond James upped their price target on Tenet Healthcare from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, January 14th. Citigroup lifted their target price on Tenet Healthcare from $58.00 to $65.00 in a research note on Thursday. Zacks Investment Research lowered shares of Tenet Healthcare from a “buy” rating to a “hold” rating and set a $55.00 price target on the stock. in a research note on Tuesday, February 9th. Bank of America raised Tenet Healthcare from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Tuesday, January 5th. Finally, Credit Suisse Group upped their price target on shares of Tenet Healthcare from $58.00 to $71.00 and gave the stock an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $50.74.

THC stock traded up $1.50 during trading on Thursday, hitting $56.03. The stock had a trading volume of 91,840 shares, compared to its average volume of 1,008,509. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of -431.00, a price-to-earnings-growth ratio of 8.49 and a beta of 2.66. The company has a debt-to-equity ratio of 29.81, a quick ratio of 1.28 and a current ratio of 1.34. The company’s 50 day moving average price is $53.14 and its two-hundred day moving average price is $42.52. Tenet Healthcare has a 1-year low of $15.19 and a 1-year high of $57.88.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Monday, April 19th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.50. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.73 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Tenet Healthcare will post 4.27 earnings per share for the current fiscal year.

In other news, major shareholder Glenview Capital Management, L sold 2,500,000 shares of Tenet Healthcare stock in a transaction dated Monday, March 22nd. The stock was sold at an average price of $53.30, for a total value of $133,250,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel J. Cancelmi sold 70,700 shares of the business’s stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $56.80, for a total value of $4,015,760.00. Following the transaction, the chief financial officer now directly owns 399,500 shares of the company’s stock, valued at approximately $22,691,600. The disclosure for this sale can be found here. In the last three months, insiders sold 2,714,302 shares of company stock worth $145,205,515. Insiders own 1.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of THC. Cullinan Associates Inc. acquired a new stake in Tenet Healthcare in the 1st quarter worth $411,000. Retirement Systems of Alabama grew its position in Tenet Healthcare by 0.8% during the first quarter. Retirement Systems of Alabama now owns 138,609 shares of the company’s stock worth $7,208,000 after buying an additional 1,071 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in Tenet Healthcare by 4.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the company’s stock valued at $1,435,000 after acquiring an additional 1,200 shares in the last quarter. Polianta Ltd bought a new stake in shares of Tenet Healthcare in the 1st quarter worth approximately $1,248,000. Finally, Carolina Wealth Advisors LLC bought a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $62,000. 93.13% of the stock is owned by hedge funds and other institutional investors.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

Read More: What is a Fibonacci Channel?

Stock Target Advisor

Analyst Recommendations for Tenet Healthcare (NYSE:THC)

Receive News & Ratings for Tenet Healthcare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tenet Healthcare and related companies with MarketBeat.com's FREE daily email newsletter.