Tenet Healthcare's (THC) Buy Rating Reiterated at Truist Financial

Tenet Healthcare (NYSE:THC - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Truist Financial in a research note issued on Wednesday, Benzinga reports. They currently have a $190.00 price target on the stock, up from their previous price target of $180.00. Truist Financial's target price would indicate a potential upside of 18.37% from the stock's previous close.

A number of other research firms have also issued reports on THC. UBS Group increased their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a research report on Wednesday. Citigroup increased their price objective 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 increased their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 25th. KeyCorp began coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an "overweight" rating and a $200.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $159.00.

Tenet Healthcare Trading Down 1.4 %

Shares of THC stock traded down $2.25 on Wednesday, reaching $160.51. 382,447 shares of the stock were exchanged, compared to its average volume of 1,204,627. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20. The firm has a 50 day moving average of $159.66 and a two-hundred day moving average of $141.48. The stock has a market cap of $15.38 billion, a P/E ratio of 5.89, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share. The business's revenue was up 1.1% compared to the same quarter last year. On average, research analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare 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 transaction, the insider now owns 6,324 shares of the company's stock, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the insider now owns 6,324 shares of the company's stock, valued at $1,024,867.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,203 shares of company stock valued at $19,754,997. Company 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. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 valued at $831,947,000 after purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC grew its stake in Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company's stock valued at $107,814,000 after buying an additional 438,033 shares during the last quarter. Marshall Wace LLP lifted its position in Tenet Healthcare by 7.3% during the second quarter. Marshall Wace LLP now owns 713,979 shares of the company's stock worth $94,981,000 after acquiring an additional 48,626 shares during the last quarter. Farallon Capital Management LLC grew its position in shares of Tenet Healthcare by 7.8% in the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company's stock valued at $91,450,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Integral Health Asset Management LLC increased its stake in shares of Tenet Healthcare by 17.6% during the second quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company's stock worth $66,515,000 after purchasing an additional 75,000 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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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