Tenet Healthcare (NYSE:THC) Given New $175.00 Price Target at Raymond James

Tenet Healthcare (NYSE:THC) had its target price increased by Raymond James from $130.00 to $175.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

Several other equities analysts have also weighed in on THC. Wolfe Research raised Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective for the company in a report on Wednesday, March 27th. Cantor Fitzgerald increased their price objective on Tenet Healthcare from $112.00 to $168.00 and gave the company an overweight rating in a report on Thursday. Citigroup increased their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a report on Thursday. Mizuho reissued a buy rating and set a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $137.12.

Tenet Healthcare Stock Performance

Shares of THC opened at $151.63 on Thursday. The company has a current ratio of 1.45, a quick ratio of 1.37 and a debt-to-equity ratio of 2.53. The company has a market capitalization of $14.81 billion, a price-to-earnings ratio of 5.88, a PEG ratio of 0.86 and a beta of 2.15. The stock has a 50 day moving average of $134.97 and a 200 day moving average of $111.17. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $152.37.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Tenet Healthcare’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $1.42 earnings per share. As a group, sell-side analysts forecast that Tenet Healthcare will post 10.68 earnings per share for the current year.

Tenet Healthcare announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In other news, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Richard W. Fisher sold 1,400 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total value of $185,136.00. Following the transaction, the director now directly owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the transaction, the director now directly owns 14,759 shares in the company, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders have sold a total of 24,691 shares of company stock valued at $3,117,909 in the last ninety days. 0.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after purchasing an additional 172,913 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after purchasing an additional 790,684 shares during the last quarter. Glenview Capital Management LLC lifted its stake in Tenet Healthcare by 12.8% in the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after purchasing an additional 877,180 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Tenet Healthcare by 16.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock worth $114,629,000 after purchasing an additional 212,185 shares during the last quarter. Finally, Greenlight Capital Inc. lifted its stake in Tenet Healthcare by 44.3% in the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock worth $99,448,000 after purchasing an additional 404,190 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

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.