Tenet Healthcare (NYSE:THC) Trading Up 3.5% After Analyst Upgrade

Tenet Healthcare Co. (NYSE:THC)’s stock price was up 3.5% during mid-day trading 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 were traded during trading, a decline of 88% from the average daily volume of 1,190,204 shares. The stock had previously closed at $155.29.

Several other research analysts also recently issued reports on the company. Wells Fargo & Company upped their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research report on Tuesday, October 1st. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Citigroup upped their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report 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 MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $156.06.

Insiders Place Their Bets

In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were 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 owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,203 shares of company stock worth $19,754,997. Corporate insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. ORG Wealth Partners LLC bought a new position in Tenet Healthcare in the 3rd quarter valued at about $30,000. Innealta Capital LLC bought a new position in Tenet Healthcare in the 2nd quarter valued at about $28,000. ORG Partners LLC bought a new position in Tenet Healthcare in the 2nd quarter valued at about $31,000. Blue Trust Inc. raised its holdings in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Tenet Healthcare during the second quarter worth approximately $34,000. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Price Performance

The company’s fifty day moving average price is $159.06 and its 200 day moving average price is $137.70. The company has a market capitalization of $15.65 billion, a P/E ratio of 6.22, a PEG ratio of 0.78 and a beta of 2.14. 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 earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. As a group, sell-side analysts forecast that Tenet Healthcare Co. will post 10.73 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Tenet Healthcare Company Profile

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.