Tenet Healthcare (NYSE:THC) PT Raised to $171.00

Tenet Healthcare (NYSE:THC) had its target price lifted by Citigroup from $139.00 to $171.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Baird R W raised shares of Tenet Healthcare to a strong-buy rating in a research report on Thursday, May 30th. Truist Financial reissued a buy rating and set a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday. StockNews.com raised shares of Tenet Healthcare from a buy rating to a strong-buy rating in a research report on Friday, June 7th. Royal Bank of Canada increased their target price on shares of Tenet Healthcare from $109.00 to $136.00 and gave the company an outperform rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an overweight rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Buy and a consensus price target of $137.12.

Tenet Healthcare Price Performance

Shares of THC opened at $151.63 on Thursday. The company has a 50 day moving average price of $134.97 and a 200-day moving average price of $111.17. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $152.37. The stock has a market capitalization of $14.81 billion, a PE ratio of 5.88, a PEG ratio of 0.86 and a beta of 2.15. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.37 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter in the prior year, the company earned $1.42 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. Equities analysts predict that Tenet Healthcare will post 10.68 earnings per share 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 repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In related news, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the sale, the director now owns 14,759 shares in the company, valued at $1,975,196.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Thomas W. Arnst sold 8,148 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the transaction, the director now directly owns 14,759 shares in the company, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders have sold 24,691 shares of company stock worth $3,117,909 over the last 90 days. 0.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in THC. Norges Bank purchased a new position in Tenet Healthcare during the fourth quarter valued at $78,254,000. Glenview Capital Management LLC lifted its holdings in Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Tenet Healthcare by 11.1% during 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 purchased a new position in Tenet Healthcare during the fourth quarter valued at $44,412,000. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Tenet Healthcare by 1,265.6% in the first quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock worth $49,208,000 after buying an additional 433,877 shares in the last quarter. 95.44% of the stock is 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.