Tenet Healthcare (NYSE:THC) Shares Up 3.5% on Analyst Upgrade

by · The Cerbat Gem

Tenet Healthcare Co. (NYSE:THC – Get Free Report) shares rose 3.5% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $170.00 to $180.00. Truist Financial currently has a buy rating on the stock. Tenet Healthcare traded as high as $161.51 and last traded at $160.69. Approximately 146,396 shares traded hands during trading, a decline of 88% from the average daily volume of 1,190,204 shares. The stock had previously closed at $155.29.

THC has been the topic of a number of other reports. KeyCorp started coverage on shares of Tenet Healthcare in a report on Friday. They issued an “overweight” rating and a $200.00 price target on the stock. Raymond James boosted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. UBS Group raised their price target on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft increased their target price on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Barclays increased their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and an average target price of $156.06.

Check Out Our Latest Stock Analysis on Tenet Healthcare

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm’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 transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last quarter. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Innealta Capital LLC purchased a new position in Tenet Healthcare during the 2nd quarter worth $28,000. Rise Advisors LLC acquired a new position in Tenet Healthcare during the 1st quarter valued at approximately $29,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare in the third quarter worth $30,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare during the second quarter valued at $31,000. Finally, Blue Trust Inc. raised its stake in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Trading Up 4.4 %

The stock has a 50-day simple moving average of $158.78 and a 200 day simple moving average of $137.31. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company has a market cap of $15.84 billion, a price-to-earnings ratio of 6.03, a PEG ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC – Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating 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 business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. As a group, equities research analysts predict that Tenet Healthcare Co. will post 10.73 EPS for the current fiscal year.

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

Tenet Healthcare Company Profile

(Get Free Report)

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.

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