Truist Financial Reiterates Buy Rating for Tenet Healthcare (NYSE:THC)

Tenet Healthcare (NYSE:THC - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Truist Financial in a research note issued on Wednesday, Benzinga reports. They presently have a $190.00 price target on the stock, up from their prior price target of $180.00. Truist Financial's price target suggests a potential upside of 20.22% from the stock's previous close.

THC has been the topic of several other research reports. KeyCorp began coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an "overweight" rating and a $200.00 price target on the stock. Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a "strong-buy" rating in a report on Thursday, July 25th. Barclays raised their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an "overweight" rating in a report on Monday, July 29th. Wells Fargo & Company raised 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. Finally, UBS Group raised their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a report on Wednesday. One 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. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of "Buy" and a consensus target price of $163.65.

Tenet Healthcare Price Performance

NYSE THC traded down $4.71 during trading on Wednesday, reaching $158.05. 1,400,983 shares of the company traded hands, compared to its average volume of 1,209,477. The company has a market cap of $15.14 billion, a price-to-earnings ratio of 5.80, a P/E/G ratio of 0.71 and a beta of 2.14. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20. The stock's 50 day moving average price is $159.66 and its two-hundred day moving average price is $141.59. 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 - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts' consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Tenet Healthcare's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.44 EPS. As a group, analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current year.

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

Insider Activity

In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the business's stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares of the company's stock, valued at approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,203 shares of company stock worth $19,754,997. Corporate insiders own 0.93% of the company's stock.

Institutional Trading of Tenet Healthcare

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