Tenet Healthcare (NYSE:THC) Price Target Raised to $196.00 at The Goldman Sachs Group

Tenet Healthcare (NYSE:THC) had its target price lifted by The Goldman Sachs Group from $173.00 to $196.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the company. Royal Bank of Canada upped their target price on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday. Truist Financial restated a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Trading Down 2.9 %

Shares of THC opened at $158.05 on Wednesday. The firm’s fifty day moving average is $159.66 and its two-hundred day moving average is $141.59. The stock has a market cap of $15.14 billion, a PE ratio of 5.80, a price-to-earnings-growth ratio of 0.71 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 has a 52-week low of $51.04 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Tenet Healthcare’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.44 EPS. Research analysts forecast that Tenet Healthcare will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 in the last three months. 0.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently bought and sold shares of THC. State of Michigan Retirement System lifted its holdings in shares of Tenet Healthcare by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock valued at $2,617,000 after purchasing an additional 500 shares during the last quarter. First Trust Direct Indexing L.P. purchased a new stake in Tenet Healthcare in the first quarter valued at approximately $254,000. Retirement Systems of Alabama boosted its holdings in shares of Tenet Healthcare by 0.3% in the first quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock valued at $13,404,000 after acquiring an additional 334 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after acquiring an additional 90 shares during the period. Finally, BNP Paribas Financial Markets raised its position in 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 last quarter. Institutional investors and hedge funds 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.