Tenet Healthcare (NYSE:THC) Given New $195.00 Price Target at Wells Fargo & Company

Tenet Healthcare (NYSE:THC) had its target price upped by Wells Fargo & Company from $175.00 to $195.00 in a report issued on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts have also recently commented on THC. Truist Financial upped their target price on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 14th. KeyCorp started coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. 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 research report on Friday, June 28th. Barclays increased their price target on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $157.24.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $157.24 on Tuesday. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $171.20. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 6.10, a PEG ratio of 0.78 and a beta of 2.14. The company has a fifty day simple moving average of $160.11 and a 200-day simple moving average of $139.37. 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 (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm had revenue of $5.10 billion during the quarter, compared to analyst estimates of $4.98 billion. On average, equities analysts anticipate that Tenet Healthcare will post 10.73 EPS for the current fiscal year.

Tenet Healthcare announced that its board has authorized a share buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. Company insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares in the last quarter. 8 Knots Management LLC raised its holdings in Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after acquiring an additional 438,033 shares in the last quarter. Marshall Wace LLP raised its holdings in Tenet Healthcare by 7.3% during the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock worth $94,981,000 after acquiring an additional 48,626 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Tenet Healthcare by 7.8% during the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Integral Health Asset Management LLC raised its holdings in Tenet Healthcare by 17.6% during the second quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock worth $66,515,000 after acquiring an additional 75,000 shares in the last quarter. 95.44% of the stock is currently 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.