Tenet Healthcare (NYSE:THC) Price Target Raised to $190.00 at Barclays

Tenet Healthcare (NYSE:THC) had its target price hoisted by Barclays from $171.00 to $190.00 in a research note issued to investors on Friday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also issued reports on the stock. Raymond James increased their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. KeyCorp initiated coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank of Canada lifted their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $165.35.

Tenet Healthcare Price Performance

NYSE:THC traded down $3.31 during mid-day trading on Friday, hitting $165.21. 1,128,138 shares of the company’s stock traded hands, compared to its average volume of 1,386,951. The company has a market cap of $15.71 billion, a PE ratio of 5.29, a price-to-earnings-growth ratio of 0.72 and a beta of 2.15. Tenet Healthcare has a 1 year low of $52.08 and a 1 year high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm’s 50 day simple moving average is $159.43 and its 200 day simple moving average is $144.51.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. Tenet Healthcare’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.44 earnings per share. Sell-side analysts expect that Tenet Healthcare will post 11.38 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has initiated a share repurchase program 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 programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,203 shares of company stock worth $17,451,957 in the last 90 days. Corporate insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Several hedge funds have recently made changes to their positions in THC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 worth $1,325,000 after buying an additional 90 shares during the period. Optas LLC lifted its position in shares of Tenet Healthcare by 3.4% in the third quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after buying an additional 93 shares in the last quarter. Signaturefd LLC increased its stake in Tenet Healthcare by 17.6% during the third quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after acquiring an additional 94 shares during the last quarter. CIBC Asset Management Inc increased its stake in Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after acquiring an additional 94 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Tenet Healthcare by 20.7% in the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after purchasing an additional 96 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

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.