Wells Fargo & Company Boosts Tenet Healthcare (NYSE:THC) Price Target to $175.00

Tenet Healthcare (NYSE:THC) had its target price increased by Wells Fargo & Company from $145.00 to $175.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also issued reports about the stock. StockNews.com raised shares of Tenet Healthcare from a buy rating to a strong-buy rating in a research note on Friday, June 7th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, June 28th. Truist Financial reiterated a buy rating and issued a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an overweight rating in a report on Thursday, May 30th. Finally, Raymond James boosted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a strong-buy rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of Buy and an average price target of $149.75.

Tenet Healthcare Stock Down 4.2 %

Shares of THC opened at $141.75 on Tuesday. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $155.00. The firm has a fifty day moving average price of $136.79 and a 200-day moving average price of $113.09. The firm has a market capitalization of $13.58 billion, a P/E ratio of 5.50, a P/E/G ratio of 0.77 and a beta of 2.15. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same period in the prior year, the firm earned $1.42 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts expect 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 buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $123.20, for a total value of $308,000.00. Following the sale, the director now owns 17,627 shares in the company, valued at $2,171,646.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tenet Healthcare news, Director Christopher S. Lynch sold 10,861 shares of the company’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 owns 14,759 shares in the company, valued at approximately $1,975,196.97. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $123.20, for a total value of $308,000.00. Following the completion of the sale, the director now owns 17,627 shares in the company, valued at approximately $2,171,646.40. The disclosure for this sale can be found here. Insiders have sold a total of 16,543 shares of company stock worth $2,171,926 over the last quarter. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds have recently bought and sold shares of THC. Innealta Capital LLC purchased a new stake in Tenet Healthcare in the 2nd quarter worth approximately $28,000. Rise Advisors LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at approximately $29,000. ORG Partners LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at approximately $31,000. Blue Trust Inc. lifted its position in shares of Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its position in shares of Tenet Healthcare by 759.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after buying an additional 319 shares in 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.