Tenet Healthcare (NYSE:THC) Rating Reiterated by Cantor Fitzgerald

Tenet Healthcare (NYSE:THC)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They presently have a $168.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 8.23% from the company’s current price.

A number of other equities analysts have also recently issued reports on THC. Royal Bank of Canada increased their price target on Tenet Healthcare from $109.00 to $136.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Barclays increased their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Friday, June 7th. Mizuho reiterated a “buy” rating and issued a $130.00 target price (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Finally, Truist Financial reiterated a “buy” rating and issued a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Stock Performance

NYSE:THC opened at $155.22 on Monday. The stock has a market cap of $15.16 billion, a P/E ratio of 6.02, a price-to-earnings-growth ratio of 0.76 and a beta of 2.15. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock’s 50-day moving average is $141.04 and its 200-day moving average is $119.34. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $157.60.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Equities research analysts anticipate that Tenet Healthcare will post 10.68 earnings per share for the current year.

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

Insider Transactions at Tenet Healthcare

In other news, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction on Friday, August 16th. The stock was sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the sale, the executive vice president now directly owns 21,426 shares in the company, valued at approximately $3,342,456. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the sale, the executive vice president now directly owns 21,426 shares of the company’s stock, valued at approximately $3,342,456. The disclosure for this sale can be found here. Insiders have sold 126,865 shares of company stock worth $19,186,587 in the last ninety days. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently added to or reduced their stakes in THC. Norges Bank purchased a new stake in Tenet Healthcare in the 4th quarter worth about $78,254,000. Glenview Capital Management LLC increased its holdings in Tenet Healthcare by 12.8% in the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after acquiring an additional 877,180 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares in the last quarter. 8 Knots Management LLC purchased a new position in Tenet Healthcare during the 4th quarter valued at about $44,412,000. Finally, Wedge Capital Management L L P NC grew its holdings in Tenet Healthcare by 1,265.6% during the 1st quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock valued at $49,208,000 after buying an additional 433,877 shares in the last quarter. Hedge funds and other institutional investors 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.