Brokerages Set Tenet Healthcare Co. (NYSE:THC) PT at $152.69

Tenet Healthcare Co. (NYSE:THC) has earned an average recommendation of “Buy” from the eighteen brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $156.06.

Several analysts recently commented on the stock. KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target 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 research note on Wednesday, August 14th. Wells Fargo & Company raised their target price on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. Finally, The Goldman Sachs Group raised 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.

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the business’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 completion of the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 in the last quarter. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ORG Wealth Partners LLC acquired a new position in Tenet Healthcare in the 3rd quarter worth $30,000. Innealta Capital LLC bought a new stake in Tenet Healthcare during the 2nd quarter worth about $28,000. ORG Partners LLC bought a new stake in Tenet Healthcare during the 2nd quarter worth about $31,000. Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in Tenet Healthcare during the 2nd quarter worth about $34,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

Shares of THC opened at $161.71 on Friday. Tenet Healthcare has a one year low of $51.04 and a one year high of $171.20. The company has a 50-day moving average of $159.67 and a two-hundred day moving average of $138.05. The stock has a market cap of $15.80 billion, a price-to-earnings ratio of 6.28, a PEG ratio of 0.78 and a beta of 2.14. 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 (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. On average, equities research analysts expect that Tenet Healthcare will post 10.73 earnings per share for the current year.

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

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.