Truist Financial Increases Tenet Healthcare (NYSE:THC) Price Target to $180.00

Tenet Healthcare (NYSE:THC) had its price target increased by stock analysts at Truist Financial from $170.00 to $180.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 12.32% from the company’s previous close.

Several other brokerages have also recently issued reports on THC. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Raymond James upped their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. UBS Group upped their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company upped their price target 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 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 presently has an average rating of “Buy” and an average price target of $156.06.

Tenet Healthcare Trading Up 3.2 %

NYSE THC opened at $160.26 on Monday. 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 stock has a market capitalization of $15.65 billion, a PE ratio of 6.22, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. The firm has a 50 day moving average of $159.06 and a two-hundred day moving average of $137.70.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. As a group, research analysts expect 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 plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, 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 value of $2,926,800.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, 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 value of $2,926,800.00. Following the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The trade was 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. 0.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of large investors have recently added to or reduced their stakes in the business. ORG Wealth Partners LLC acquired a new stake in shares of Tenet Healthcare during the 3rd quarter worth about $30,000. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare during the 2nd quarter worth about $28,000. ORG Partners LLC acquired a new stake in shares of Tenet Healthcare during the 2nd quarter worth about $31,000. Blue Trust Inc. boosted its stake in shares of Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Tenet Healthcare during the 2nd quarter worth about $34,000. 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.