Tenet Healthcare (NYSE:THC) Lifted to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Tenet Healthcare (NYSE:THC) from a buy rating to a strong-buy rating in a research report released on Thursday.

A number of other analysts also recently commented on the company. Royal Bank of Canada raised their price objective on Tenet Healthcare from $109.00 to $136.00 and gave the stock an outperform rating in a research report on Wednesday, May 1st. Truist Financial reiterated a buy rating and set a $130.00 price target (up previously from $120.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Barclays increased their price objective on shares of Tenet Healthcare from $113.00 to $147.00 and gave the company an overweight rating in a research note on Thursday. UBS Group upped their target price on shares of Tenet Healthcare from $137.00 to $150.00 and gave the company a buy rating in a research note on Wednesday, May 1st. Finally, Cantor Fitzgerald reiterated an overweight rating and set a $104.00 price objective on shares of Tenet Healthcare in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $113.19.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $120.28 on Thursday. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $121.72. The company has a quick ratio of 1.42, a current ratio of 1.44 and a debt-to-equity ratio of 2.58. The company has a market cap of $11.75 billion, a P/E ratio of 4.67, a P/E/G ratio of 1.22 and a beta of 2.09. The business’s 50 day moving average is $100.37 and its two-hundred day moving average is $82.58.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the prior year, the company earned $1.42 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Tenet Healthcare will post 8.73 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,416 shares of company stock worth $5,890,793. Insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of THC. SG Americas Securities LLC bought a new stake in shares of Tenet Healthcare during the 3rd quarter worth approximately $152,000. Raymond James & Associates grew its position in shares of Tenet Healthcare by 32.2% in the 3rd quarter. Raymond James & Associates now owns 135,477 shares of the company’s stock valued at $8,927,000 after acquiring an additional 32,992 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Tenet Healthcare by 11.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 100,502 shares of the company’s stock worth $6,622,000 after purchasing an additional 10,141 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Tenet Healthcare by 9.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,966 shares of the company’s stock valued at $1,250,000 after purchasing an additional 1,582 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Tenet Healthcare by 31.4% during the third quarter. Mackenzie Financial Corp now owns 50,393 shares of the company’s stock worth $3,185,000 after purchasing an additional 12,051 shares during the period. 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.