Tenet Healthcare Co. (NYSE:THC) Receives Average Recommendation of “Buy” from Brokerages

Shares of Tenet Healthcare Co. (NYSE:THC) have been assigned an average recommendation of “Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, fourteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $149.75.

Several equities analysts have commented on the company. Wells Fargo & Company increased their price target on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Barclays raised their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Mizuho restated a “buy” rating and issued a $130.00 price objective (up previously from $118.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Truist Financial reiterated a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the completion of the sale, the director now directly owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Nadja West sold 1,782 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $126.41, for a total transaction of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares in the company, valued at approximately $3,751,848.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $132.24, for a total value of $185,136.00. Following the transaction, the director now owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The disclosure for this sale can be found here. In the last three months, insiders sold 16,543 shares of company stock valued at $2,171,926. 0.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after purchasing an additional 172,913 shares during the period. BNP Paribas Financial Markets grew its position in shares of Tenet Healthcare by 113.5% in the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after purchasing an additional 29,172 shares during the period. Headlands Technologies LLC acquired a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $410,000. Hsbc Holdings PLC grew its position in shares of Tenet Healthcare by 113.0% in the 4th quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock valued at $34,266,000 after purchasing an additional 240,611 shares during the period. Finally, First Light Asset Management LLC acquired a new position in shares of Tenet Healthcare in the 4th quarter valued at approximately $14,706,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Trading Down 4.2 %

Shares of THC stock opened at $141.75 on Friday. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $155.00. 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 50 day moving average is $136.79 and its two-hundred day moving average is $113.31. The company has a market cap of $13.58 billion, a PE ratio of 5.50, a price-to-earnings-growth ratio of 0.76 and a beta of 2.15.

Tenet Healthcare announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management 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.