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

Tenet Healthcare (NYSE:THC) had its target price increased by equities researchers at Cantor Fitzgerald from $168.00 to $177.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 14.15% from the stock’s previous close.

A number of other analysts have also commented on THC. Raymond James lifted their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. 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 report on Thursday, July 25th. Barclays raised their price target on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Stock Down 1.9 %

THC stock opened at $155.06 on Wednesday. The stock has a market capitalization of $14.86 billion, a P/E ratio of 5.69, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The firm has a 50-day moving average price of $159.55 and a 200-day moving average price of $141.69. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the business posted $1.44 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its holdings in Tenet Healthcare by 113.5% during the 1st 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 last quarter. Headlands Technologies LLC bought a new stake in Tenet Healthcare in the 1st quarter worth about $410,000. Legacy Capital Group California Inc. purchased a new stake in Tenet Healthcare in the 3rd quarter valued at about $1,055,000. Diversified Trust Co purchased a new position in shares of Tenet Healthcare in the 2nd quarter worth approximately $558,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Tenet Healthcare in the first quarter valued at approximately $537,000. Institutional investors own 95.44% of the company’s stock.

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.