Tenet Healthcare (NYSE:THC) Price Target Raised to $217.00 at UBS Group

Tenet Healthcare (NYSE:THC) had its price objective hoisted by UBS Group from $197.00 to $217.00 in a research note released on Wednesday, Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. Barclays boosted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Truist Financial boosted their price objective on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a report on Monday, October 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Raymond James lifted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Finally, Wells Fargo & Company boosted 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. One research 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 MarketBeat, the company has an average rating of “Buy” and an average target price of $163.65.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $156.13 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 2.35. The company has a market cap of $14.85 billion, a PE ratio of 5.00, a PEG ratio of 0.69 and a beta of 2.15. The company’s 50-day moving average is $159.38 and its two-hundred day moving average is $142.08. Tenet Healthcare has a 1 year low of $52.08 and a 1 year high of $171.20.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the business earned $1.44 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts anticipate that Tenet Healthcare will post 11.38 earnings per share for the current year.

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

Insider Activity at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were 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 directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,203 shares of company stock valued at $20,378,757. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its position in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after purchasing an additional 790,684 shares during the period. 8 Knots Management LLC grew 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 valued at $107,814,000 after buying an additional 438,033 shares during the last quarter. Acadian Asset Management LLC lifted its position in Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after acquiring an additional 321,789 shares during the last quarter. Farallon Capital Management LLC boosted its holdings in shares of Tenet Healthcare by 70.1% during the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after acquiring an additional 262,600 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after purchasing an additional 245,875 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

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.