Truist Financial Reiterates “Buy” Rating for Tenet Healthcare (NYSE:THC)

Tenet Healthcare (NYSE:THC)‘s stock had its “buy” rating restated by stock analysts at Truist Financial in a research report issued on Wednesday, Benzinga reports. They currently have a $190.00 target price on the stock, up from their previous target price of $180.00. Truist Financial’s price target points to a potential upside of 22.53% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company raised their target price 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. The Goldman Sachs Group upped their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Citigroup raised their target price on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a report on Tuesday, October 1st. Finally, KeyCorp began coverage on Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $163.65.

Tenet Healthcare Stock Down 1.9 %

Shares of NYSE THC opened at $155.06 on Wednesday. The stock has a market capitalization of $14.86 billion, a P/E ratio of 5.69, a PEG ratio of 0.71 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare has a one year low of $51.04 and a one year high of $171.20. The firm’s 50 day simple moving average is $159.55 and its two-hundred day simple moving average is $141.69.

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

Tenet Healthcare declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Tenet Healthcare news, 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 transaction of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, 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 value of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $2,926,800.00. Following the sale, the director now directly 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 over the last three months. 0.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets boosted its holdings in Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Tenet Healthcare in the first quarter worth $410,000. Legacy Capital Group California Inc. bought a new position in Tenet Healthcare in the third quarter valued at about $1,055,000. Diversified Trust Co bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $558,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter valued at about $537,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

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.