Tenet Healthcare (NYSE:THC) Price Target Raised to $173.00

Tenet Healthcare (NYSE:THC) had its price objective upped by The Goldman Sachs Group from $156.00 to $173.00 in a research report released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on THC. Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a report on Tuesday. Truist Financial restated a buy rating and issued a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a buy rating in a research report on Friday, June 28th. Cantor Fitzgerald boosted their target price on shares of Tenet Healthcare from $112.00 to $168.00 and gave the company an overweight rating in a research note on Thursday, July 25th. Finally, Citigroup upped their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a buy rating in a research note on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $149.75.

Tenet Healthcare Stock Down 4.2 %

NYSE:THC opened at $141.75 on Tuesday. The firm has a market cap of $13.58 billion, a P/E ratio of 5.50, a P/E/G ratio of 0.77 and a beta of 2.15. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $155.00. The firm has a 50-day simple moving average of $136.79 and a two-hundred day simple moving average of $113.09.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.42 EPS. Analysts predict that Tenet Healthcare will post 10.68 earnings per share for the current fiscal year.

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

Insider Activity

In other news, Director Richard W. Fisher sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $123.20, for a total transaction of $308,000.00. Following the transaction, the director now owns 17,627 shares in the company, valued at approximately $2,171,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,500 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $123.20, for a total value of $308,000.00. Following the transaction, the director now owns 17,627 shares in the company, valued at approximately $2,171,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard W. Fisher sold 1,400 shares of Tenet Healthcare stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now directly owns 16,227 shares in the company, valued at approximately $2,145,858.48. The disclosure for this sale can be found here. Insiders have sold 16,543 shares of company stock worth $2,171,926 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in THC. Innealta Capital LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth $28,000. ORG Partners LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $31,000. Blue Trust Inc. lifted its stake 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 buying an additional 120 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth approximately $29,000. Finally, Capital Advisors Ltd. LLC raised its stake in shares of Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after purchasing an additional 319 shares during the last quarter. Institutional investors and hedge funds 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.