Tenet Healthcare (NYSE:THC) Stock Price Expected to Rise, Barclays Analyst Says

Tenet Healthcare (NYSE:THC) had its target price boosted by equities researchers at Barclays from $171.00 to $190.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 15.07% from the company’s current price.

THC has been the subject of several other reports. KeyCorp began coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Citigroup lifted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company raised their target price on Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday. UBS Group increased their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $165.35.

Tenet Healthcare Stock Performance

THC stock traded down $3.40 on Friday, reaching $165.12. The company’s stock had a trading volume of 470,190 shares, compared to its average volume of 1,213,913. The firm has a fifty day moving average of $159.44 and a two-hundred day moving average of $144.02. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The company has a market capitalization of $15.70 billion, a P/E ratio of 5.30, a price-to-earnings-growth ratio of 0.73 and a beta of 2.15. Tenet Healthcare has a 52 week low of $52.08 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the company posted $1.44 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, analysts predict that Tenet Healthcare will post 11.38 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $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 available through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,203 shares of company stock worth $17,451,957. Corporate insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Several large investors have recently made changes to their positions in THC. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare in the 2nd quarter valued at $28,000. Plato Investment Management Ltd bought a new position in shares of Tenet Healthcare in the 3rd quarter valued at about $28,000. ORG Wealth Partners LLC bought a new position in Tenet Healthcare in the third quarter valued at approximately $30,000. ORG Partners LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. increased its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 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.