Tenet Healthcare (NYSE:THC) Rating Reiterated by Cantor Fitzgerald

Tenet Healthcare (NYSE:THC)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They presently have a $168.00 target price on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 2.55% from the company’s current price.

Several other research analysts have also weighed in on THC. UBS Group lifted their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Barclays lifted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Truist Financial reissued a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Citigroup upped their target price 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. Finally, Deutsche Bank Aktiengesellschaft raised their price target 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. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Price Performance

Shares of THC stock traded down $2.37 on Tuesday, reaching $163.83. 92,461 shares of the company were exchanged, compared to its average volume of 1,196,620. The company has a market cap of $16.00 billion, a price-to-earnings ratio of 6.35, a P/E/G ratio of 0.86 and a beta of 2.14. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20. The business has a 50-day moving average price of $157.05 and a 200 day moving average price of $133.54. 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 (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Equities research analysts forecast that Tenet Healthcare will post 10.72 earnings per share for the current fiscal year.

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

Insider Activity at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last three months. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of THC. Glenview Capital Management LLC lifted its holdings in Tenet Healthcare by 12.8% in the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after acquiring an additional 877,180 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC purchased a new stake in shares of Tenet Healthcare in the 4th quarter worth about $44,412,000. Greenlight Capital Inc. raised its holdings in shares of Tenet Healthcare by 44.3% in the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock worth $99,448,000 after acquiring an additional 404,190 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after acquiring an additional 321,789 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.