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

Tenet Healthcare logo with Medical background

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.

Check Out Our Latest Stock Report on THC

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

(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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Analyst Recommendations for Tenet Healthcare (NYSE:THC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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