Truist Financial Forecasts Strong Price Appreciation for Tenet Healthcare (NYSE:THC) Stock

Tenet Healthcare (NYSE:THC) had its price target hoisted by equities researchers at Truist Financial from $175.00 to $190.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 20.17% from the stock’s previous close.

Several other analysts have also issued reports on THC. Cantor Fitzgerald reissued an “overweight” rating and issued a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. Barclays increased their target price on Tenet Healthcare from $161.00 to $171.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Royal Bank of Canada boosted their price objective on Tenet Healthcare from $183.00 to $189.00 and gave the company an “outperform” rating in a research note on Wednesday, April 30th. Baird R W downgraded Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $137.00 price target (down from $153.00) on shares of Tenet Healthcare in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average price target of $174.63.

Tenet Healthcare Trading Up 2.3%

Shares of Tenet Healthcare stock opened at $158.11 on Monday. The stock has a fifty day moving average price of $130.60 and a 200-day moving average price of $136.09. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The firm has a market cap of $14.69 billion, a PE ratio of 4.91, a P/E/G ratio of 1.02 and a beta of 1.63. Tenet Healthcare has a 1 year low of $109.82 and a 1 year high of $171.20.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating analysts’ consensus estimates of $3.11 by $1.25. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The firm had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the previous year, the company earned $3.22 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts anticipate that Tenet Healthcare will post 12.24 EPS for the current year.

Insider Activity at Tenet Healthcare

In other news, Director J Robert Kerrey sold 5,001 shares of the company’s stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $148.50, for a total value of $742,648.50. Following the completion of the transaction, the director now directly owns 22,377 shares in the company, valued at approximately $3,322,984.50. This represents a 18.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.81% of the stock is owned by insiders.

Institutional Trading of Tenet Healthcare

A number of hedge funds have recently bought and sold shares of THC. Brooklyn Investment Group lifted its holdings in shares of Tenet Healthcare by 908.7% in the 1st quarter. Brooklyn Investment Group now owns 232 shares of the company’s stock worth $31,000 after acquiring an additional 209 shares during the last quarter. Affinity Investment Advisors LLC bought a new stake in Tenet Healthcare in the first quarter worth $215,000. Raymond James Financial Inc. grew its stake in shares of Tenet Healthcare by 17.6% during the first quarter. Raymond James Financial Inc. now owns 456,331 shares of the company’s stock valued at $61,377,000 after buying an additional 68,150 shares during the last quarter. Tocqueville Asset Management L.P. purchased a new position in shares of Tenet Healthcare in the first quarter worth about $271,000. Finally, Brandywine Global Investment Management LLC boosted its holdings in Tenet Healthcare by 84.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 95,329 shares of the company’s stock valued at $12,822,000 after acquiring an additional 43,648 shares during the period. Institutional investors own 95.44% of the company’s stock.

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.