Tenet Healthcare Co. (NYSE:THC) Receives $152.69 Average PT from Brokerages

Shares of Tenet Healthcare Co. (NYSE:THC) have been assigned an average rating of “Buy” from the eighteen research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $155.47.

A number of research analysts have commented on THC shares. Citigroup upped 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. Raymond James raised their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company raised their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group increased their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target 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.

Tenet Healthcare Stock Up 2.0 %

NYSE THC opened at $155.82 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The business’s fifty day simple moving average is $158.58 and its 200-day simple moving average is $136.95. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20. The firm 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 earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, equities analysts anticipate that Tenet Healthcare will post 10.73 earnings per share for the current year.

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

Insider Transactions at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Richard W. Fisher sold 2,000 shares of the 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 of the company’s stock, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the 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 transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. 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 quarter. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 valued at $1,325,000 after acquiring an additional 90 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of 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 acquiring an additional 96 shares in the last quarter. Violich Capital Management Inc. lifted its holdings in shares of Tenet Healthcare by 3.2% during the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after purchasing an additional 105 shares during the last quarter. GAMMA Investing LLC lifted its stake in Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after buying an additional 106 shares in the last quarter. Finally, SummerHaven Investment Management LLC increased its position in shares of Tenet Healthcare by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after acquiring an additional 115 shares in the last quarter. 95.44% of the stock is owned by 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.