Tenet Healthcare (NYSE:THC) Shares Gap Up – What’s Next?

Tenet Healthcare Co. (NYSE:THC) gapped up before the market opened on Tuesday . The stock had previously closed at $139.49, but opened at $147.70. Tenet Healthcare shares last traded at $151.39, with a volume of 352,613 shares.

Analysts Set New Price Targets

Several analysts recently weighed in on THC shares. Wells Fargo & Company lifted 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. 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. KeyCorp started coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. UBS Group lifted their target price on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Raymond James lifted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $157.24.

Tenet Healthcare Trading Up 12.0 %

The firm has a market capitalization of $14.97 billion, a PE ratio of 5.53, a PEG ratio of 0.71 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The company’s 50-day moving average price is $159.51 and its 200-day moving average price is $141.04.

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

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on 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 completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. 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 worth $19,754,997 in the last quarter. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently modified their holdings of THC. BNP Paribas Financial Markets raised its holdings in shares of Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after buying an additional 29,172 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at $410,000. Legacy Capital Group California Inc. purchased a new position in shares of Tenet Healthcare during the 3rd quarter valued at $1,055,000. Diversified Trust Co bought a new stake in Tenet Healthcare in the second quarter worth $558,000. Finally, Janney Montgomery Scott LLC acquired a new position in Tenet Healthcare during the 1st quarter worth $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.