Tenet Healthcare (NYSE:THC) Stock Rating Upgraded by KeyCorp

KeyCorp upgraded shares of Tenet Healthcare (NYSE:THC) to a strong-buy rating in a research report report published on Thursday, Zacks.com reports.

Several other research firms also recently commented on THC. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a report on Tuesday, July 30th. The Goldman Sachs Group lifted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. Citigroup raised their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a report on Thursday, July 25th. Barclays increased their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an overweight rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, June 28th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Buy and an average target price of $155.47.

Tenet Healthcare Price Performance

NYSE:THC opened at $155.82 on Thursday. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20. The business’s 50-day simple moving average is $158.58 and its two-hundred day simple moving average is $136.73. The stock has a market cap of $14.93 billion, a PE ratio of 5.72, a P/E/G ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. As a group, analysts forecast that Tenet Healthcare will post 10.73 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 in the last 90 days. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of THC. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after acquiring an additional 90 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after purchasing an additional 96 shares during the last quarter. Violich Capital Management Inc. raised its position in shares of Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after buying an additional 105 shares during the last quarter. GAMMA Investing LLC boosted its position in Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after acquiring an additional 106 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its stake in Tenet Healthcare by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after acquiring an additional 115 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.