Tenet Healthcare (NYSE:THC) Price Target Raised to $183.00 at Royal Bank of Canada

Tenet Healthcare (NYSE:THC) had its price objective lifted by equities research analysts at Royal Bank of Canada from $174.00 to $183.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 18.02% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Raymond James increased their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. UBS Group increased their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup increased their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Truist Financial reissued a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Price Performance

NYSE THC opened at $155.06 on Wednesday. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20. The firm’s fifty day simple moving average is $159.55 and its two-hundred day simple moving average is $141.69. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $14.86 billion, a P/E ratio of 5.69, a P/E/G ratio of 0.71 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.44 earnings per share. Analysts forecast that Tenet Healthcare will post 10.72 EPS for the current fiscal year.

Tenet Healthcare announced that its board has initiated 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 purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now directly owns 15,269 shares in the company, 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 can be accessed through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the 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 transaction, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard W. Fisher sold 2,000 shares of the 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 transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Tenet Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of the business. State of Michigan Retirement System increased its holdings in shares of Tenet Healthcare by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock worth $2,617,000 after acquiring an additional 500 shares during the period. First Trust Direct Indexing L.P. acquired a new stake in shares of Tenet Healthcare in the 1st quarter worth about $254,000. Retirement Systems of Alabama increased its holdings in shares of Tenet Healthcare by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock worth $13,404,000 after acquiring an additional 334 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after acquiring an additional 90 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after buying an additional 29,172 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

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.