Tenet Healthcare (NYSE:THC) Price Target Raised to $197.00

Tenet Healthcare (NYSE:THC) had its price target boosted by UBS Group from $180.00 to $197.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price suggests a potential upside of 27.91% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Stephens upped their target price on Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. Citigroup lifted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Truist Financial restated a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Finally, The Goldman Sachs Group lifted their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and a consensus target price of $152.69.

Tenet Healthcare Stock Performance

NYSE:THC traded up $1.23 during midday trading on Wednesday, hitting $154.02. The company’s stock had a trading volume of 21,978 shares, compared to its average volume of 1,237,104. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $155.00. The firm’s 50 day moving average is $139.05 and its 200-day moving average is $116.87. The firm has a market cap of $15.05 billion, a P/E ratio of 5.98, a P/E/G ratio of 0.76 and a beta of 2.15.

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

Insiders Place Their Bets

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders sold a total of 32,261 shares of company stock valued at $4,565,464 over the last quarter. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in THC. Innealta Capital LLC purchased a new position in shares of Tenet Healthcare in the 2nd quarter valued at $28,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare during the second quarter worth approximately $31,000. Blue Trust Inc. boosted its stake in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Tenet Healthcare in the second quarter worth $34,000. Finally, Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter worth $29,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.