Tenet Healthcare (NYSE:THC) Earns Buy Rating from Truist Financial

Tenet Healthcare (NYSE:THC)‘s stock had its “buy” rating reiterated by stock analysts at Truist Financial in a report issued on Wednesday, Benzinga reports. They presently have a $190.00 price objective on the stock, up from their prior price objective of $180.00. Truist Financial’s price objective suggests a potential upside of 18.37% from the stock’s current price.

A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a report on Tuesday, October 1st. Raymond James raised their target price on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. The Goldman Sachs Group lifted their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Barclays boosted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note 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 given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $159.00.

Tenet Healthcare Price Performance

NYSE THC traded down $2.25 during trading on Wednesday, hitting $160.51. 382,447 shares of the company’s stock were exchanged, compared to its average volume of 1,204,627. The stock’s 50 day moving average price is $159.66 and its two-hundred day moving average price is $141.48. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $171.20. 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 company has a market cap of $15.38 billion, a PE ratio of 5.89, a P/E/G ratio of 0.71 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.44 EPS. Research analysts expect that Tenet Healthcare will post 10.72 EPS for the current year.

Tenet Healthcare declared that its board has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’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 transaction, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently modified their holdings of THC. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC increased its stake in Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after acquiring an additional 438,033 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after purchasing an additional 321,789 shares in the last quarter. Farallon Capital Management LLC raised its stake in Tenet Healthcare by 70.1% during the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock valued at $67,002,000 after purchasing an additional 262,600 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after purchasing an additional 245,875 shares during the last quarter. 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.