The Goldman Sachs Group Forecasts Strong Price Appreciation for Tenet Healthcare (NYSE:THC) Stock

Tenet Healthcare (NYSE:THC - Get Free Report) had its target price raised by investment analysts at The Goldman Sachs Group from $173.00 to $196.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price target indicates a potential upside of 22.55% from the company's previous close.

Other research analysts also recently issued research reports about the stock. KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an "overweight" rating and a $200.00 price target for the company. Citigroup lifted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the stock a "buy" rating in a report on Thursday, July 25th. Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 25th. Wells Fargo & Company increased their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an "overweight" rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a report on Wednesday. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $163.65.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded down $2.83 during trading on Wednesday, reaching $159.93. 573,506 shares of the stock traded hands, compared to its average volume of 1,205,537. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The company has a market capitalization of $15.32 billion, a price-to-earnings ratio of 5.83, a P/E/G ratio of 0.71 and a beta of 2.14. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $171.20. The business has a fifty day simple moving average of $159.66 and a two-hundred day simple moving average of $141.48.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.12 billion for the quarter, compared to analysts' expectations of $5.05 billion. During the same period in the prior year, the firm earned $1.44 EPS. The company's revenue for the quarter was up 1.1% on a year-over-year basis. Sell-side analysts expect that Tenet Healthcare will post 10.72 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm's stock in a transaction dated 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 sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider R. Scott Ramsey sold 11,599 shares of the company's stock in a transaction dated 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 transaction, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company's stock.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors have recently modified their holdings of the stock. Innealta Capital LLC purchased a new stake in Tenet Healthcare in the 2nd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new stake in Tenet Healthcare during the third quarter worth $30,000. ORG Partners LLC acquired a new stake in Tenet Healthcare during the second quarter valued at $31,000. Blue Trust Inc. raised its position in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $34,000. 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.

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