Tenet Healthcare (NYSE:THC) Price Target Raised to $205.00

Tenet Healthcare (NYSE:THC) had its target price lifted by equities researchers at Truist Financial from $190.00 to $205.00 in a report issued on Wednesday, July 16th, MarketBeat.com reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 30.91% from the stock’s current price.

Several other equities research analysts have also weighed in on THC. Baird R W lowered Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Wells Fargo & Company upgraded Tenet Healthcare from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $150.00 to $195.00 in a research report on Thursday, May 29th. Mizuho upped their price target on Tenet Healthcare from $184.00 to $194.00 and gave the company an “outperform” rating in a research report on Friday, July 11th. Bank of America upped their price target on Tenet Healthcare from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. Finally, Morgan Stanley upped their price target on Tenet Healthcare from $175.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.00.

Tenet Healthcare Stock Performance

THC traded up $0.08 during trading hours on Wednesday, hitting $156.60. The stock had a trading volume of 518,684 shares, compared to its average volume of 1,605,129. The company’s fifty day simple moving average is $167.96 and its 200 day simple moving average is $145.60. Tenet Healthcare has a 1 year low of $109.82 and a 1 year high of $185.25. The stock has a market cap of $14.55 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 0.65 and a beta of 1.64. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping the consensus estimate of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The company had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same quarter last year, the firm posted $2.31 EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities analysts anticipate that Tenet Healthcare will post 12.24 earnings per share for the current year.

Insider Activity

In related news, Director J Robert Kerrey sold 1,222 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $164.96, for a total transaction of $201,581.12. Following the completion of the transaction, the director owned 22,377 shares in the company, valued at $3,691,309.92. This represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas W. Arnst sold 9,786 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total value of $1,624,476.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,121 shares of company stock valued at $8,846,305. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in THC. US Bancorp DE increased its holdings in shares of Tenet Healthcare by 0.8% during the first quarter. US Bancorp DE now owns 8,620 shares of the company’s stock valued at $1,159,000 after acquiring an additional 68 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Tenet Healthcare by 2.8% during the second quarter. Farther Finance Advisors LLC now owns 2,615 shares of the company’s stock valued at $460,000 after acquiring an additional 70 shares in the last quarter. Lindbrook Capital LLC increased its holdings in shares of Tenet Healthcare by 5.3% during the first quarter. Lindbrook Capital LLC now owns 1,427 shares of the company’s stock valued at $192,000 after acquiring an additional 72 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Tenet Healthcare by 11.2% during the second quarter. Signaturefd LLC now owns 732 shares of the company’s stock valued at $129,000 after acquiring an additional 74 shares in the last quarter. Finally, Vista Investment Partners LLC increased its holdings in shares of Tenet Healthcare by 0.3% during the second quarter. Vista Investment Partners LLC now owns 25,257 shares of the company’s stock valued at $4,445,000 after acquiring an additional 76 shares in the last quarter. 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.