Tenet Healthcare (NYSE:THC) Research Coverage Started at KeyCorp

KeyCorp started coverage on shares of Tenet Healthcare (NYSE:THC) in a report released on Friday, MarketBeat.com reports. The brokerage issued an overweight rating and a $200.00 price target on the stock. KeyCorp also issued estimates for Tenet Healthcare’s FY2024 earnings at $10.67 EPS, FY2025 earnings at $11.54 EPS and FY2026 earnings at $13.10 EPS.

Several other research firms have also commented on THC. Cantor Fitzgerald reiterated an overweight rating and set a $168.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Raymond James increased their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a strong-buy rating in a report on Thursday, July 25th. Truist Financial reaffirmed a buy rating and set a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Citigroup boosted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a buy rating in a research note on Thursday, July 25th. Finally, 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 research report on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $155.47.

Tenet Healthcare Price Performance

Shares of THC opened at $155.82 on Friday. The stock has a market capitalization of $14.93 billion, a PE ratio of 5.72, a PEG ratio of 0.78 and a beta of 2.14. The company has a 50 day moving average price of $158.58 and a 200-day moving average price of $136.95. 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 $171.20.

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

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

Insider Activity

In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Paola M. Arbour sold 8,377 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the completion of the transaction, the executive vice president now directly owns 21,426 shares of the company’s stock, valued at $3,342,456. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock valued at $19,754,997 in the last three months. 0.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Several institutional investors have recently modified their holdings of THC. Winslow Asset Management Inc. boosted its holdings in Tenet Healthcare by 2.4% in the 4th quarter. Winslow Asset Management Inc. now owns 158,849 shares of the company’s stock worth $12,004,000 after buying an additional 3,670 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Tenet Healthcare by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after purchasing an additional 172,913 shares in the last quarter. Kingdon Capital Management L.L.C. acquired a new position in Tenet Healthcare in the 4th quarter valued at $4,833,000. GAMMA Investing LLC boosted its stake in Tenet Healthcare by 17.0% during the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after purchasing an additional 106 shares during the last quarter. Finally, Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth $29,000. 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.