Tenet Healthcare (NYSE:THC) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Tenet Healthcare (NYSE:THC) had its price target boosted by Cantor Fitzgerald from $168.00 to $177.00 in a research report report published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday. KeyCorp assumed coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. The Goldman Sachs Group lifted their price target 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. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, Citigroup boosted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and an average price target of $163.65.

Tenet Healthcare Stock Up 0.7 %

Shares of THC opened at $156.13 on Wednesday. The stock’s 50-day moving average price is $159.38 and its 200-day moving average price is $142.08. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $14.85 billion, a price-to-earnings ratio of 5.00, a PEG ratio of 0.72 and a beta of 2.14. Tenet Healthcare has a 52 week low of $52.08 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its 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. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.44 EPS. On average, sell-side analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction that occurred on 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 owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 132,203 shares of company stock valued at $20,378,757 over the last ninety days. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Michigan Retirement System boosted its holdings in Tenet Healthcare by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock valued at $2,617,000 after acquiring an additional 500 shares during the period. First Trust Direct Indexing L.P. purchased a new stake in Tenet Healthcare during the 1st quarter worth approximately $254,000. Retirement Systems of Alabama lifted its holdings in Tenet Healthcare by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock worth $13,404,000 after buying an additional 334 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after acquiring an additional 90 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after acquiring an additional 29,172 shares during the period. 95.44% of the stock is currently owned by hedge funds and other 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.