Tenet Healthcare (NYSE:THC) Trading Up 3.5% After Analyst Upgrade

Shares of Tenet Healthcare Co. (NYSE:THC) shot up 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. 146,396 shares traded hands during trading, a decline of 88% from the average session volume of 1,190,204 shares. The stock had previously closed at $155.29.

A number of other brokerages have also issued reports on THC. The Goldman Sachs Group increased their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a research report on Friday. They set an “overweight” rating and a $200.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. Raymond James boosted their price target 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. Finally, Citigroup lifted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $156.06.

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was 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 in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $13,314,311.07. Following 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 disclosure for this sale can be found here. In the last quarter, insiders sold 128,203 shares of company stock valued at $19,754,997. Company insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Several hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after purchasing an additional 90 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Tenet Healthcare by 20.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after buying an additional 96 shares during the last quarter. Violich Capital Management Inc. lifted its position in Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after acquiring an additional 105 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after purchasing an additional 106 shares during the last quarter. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of Tenet Healthcare by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after purchasing an additional 115 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 4.4 %

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

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. As a group, research analysts forecast that Tenet Healthcare Co. will post 10.73 EPS for the current year.

Tenet Healthcare announced that its board has authorized a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.