Tenet Healthcare (NYSE:THC) Shares Up 3.5% on Analyst Upgrade

Shares of Tenet Healthcare Co. (NYSE:THC) rose 3.5% on Tuesday after Truist Financial raised their price target on the stock from $170.00 to $180.00. Truist Financial currently has a buy rating on the stock. Tenet Healthcare traded as high as $161.51 and last traded at $160.69. Approximately 146,396 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 1,190,204 shares. The stock had previously closed at $155.29.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company lifted 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. KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target for the company. Raymond James lifted their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. The Goldman Sachs Group increased their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Barclays lifted their price target on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $156.06.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare 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 sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s 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 owns 15,269 shares in the company, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last 90 days. 0.93% of the stock is currently owned by company insiders.

Institutional Trading of Tenet Healthcare

Several large investors have recently added to or reduced their stakes in THC. One Wealth Advisors LLC raised its position in Tenet Healthcare by 26.4% in the 3rd quarter. One Wealth Advisors LLC now owns 1,846 shares of the company’s stock valued at $307,000 after purchasing an additional 386 shares during the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Tenet Healthcare in the third quarter valued at about $216,000. Swedbank AB acquired a new position in Tenet Healthcare during the 3rd quarter worth about $3,324,000. Creative Planning increased its position in Tenet Healthcare by 2.9% in the 3rd quarter. Creative Planning now owns 16,099 shares of the company’s stock valued at $2,676,000 after acquiring an additional 461 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Tenet Healthcare in the third quarter worth about $30,000. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Price Performance

The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The company’s 50 day moving average price is $159.43 and its 200 day moving average price is $137.88. The firm has a market capitalization of $16.02 billion, a P/E ratio of 6.37, a PEG ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion during 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%. As a group, sell-side analysts anticipate that Tenet Healthcare Co. will post 10.73 EPS for the current fiscal year.

Tenet Healthcare announced that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.