The Goldman Sachs Group Boosts Tenet Healthcare (NYSE:THC) Price Target to $196.00

Tenet Healthcare (NYSE:THC) had its price objective raised by The Goldman Sachs Group from $173.00 to $196.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 22.55% from the company’s previous close.

A number of other research firms have also issued reports on THC. Wells Fargo & Company upped their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Raymond James raised their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald upped their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup boosted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Truist Financial reiterated a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday. One 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. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Price Performance

Shares of NYSE THC traded down $2.83 during trading on Wednesday, hitting $159.93. The company had a trading volume of 573,506 shares, compared to its average volume of 1,205,537. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $171.20. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The stock has a fifty day simple moving average of $159.66 and a two-hundred day simple moving average of $141.48. The firm has a market capitalization of $15.32 billion, a price-to-earnings ratio of 5.83, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the business earned $1.44 EPS. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts expect that Tenet Healthcare will post 10.72 earnings per share for the current year.

Tenet Healthcare declared that its board has authorized 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’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 transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated 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 in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock worth $19,754,997 over the last three months. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its stake in Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter worth approximately $410,000. Legacy Capital Group California Inc. acquired a new position in shares of Tenet Healthcare in the 3rd quarter valued at $1,055,000. Diversified Trust Co acquired a new stake in Tenet Healthcare during the 2nd quarter worth $558,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Tenet Healthcare in the first quarter valued at $537,000. 95.44% of the stock is owned by institutional investors and hedge funds.

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.