The Goldman Sachs Group Issues Positive Forecast for Tenet Healthcare (NYSE:THC) Stock Price

Tenet Healthcare (NYSE:THC) had its price objective boosted by The Goldman Sachs Group from $173.00 to $196.00 in a research report report published on Wednesday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company increased their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Cantor Fitzgerald increased their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays boosted their price target on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, 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 research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and a consensus target price of $163.65.

Tenet Healthcare Trading Down 2.9 %

THC stock opened at $158.05 on Wednesday. The company has a market capitalization of $15.14 billion, a PE ratio of 5.80, a P/E/G ratio of 0.71 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $171.20. The firm’s 50-day moving average is $159.66 and its 200 day moving average is $141.59.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during 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 quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.44 earnings per share. 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 authorized a stock buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of THC. Price T Rowe Associates Inc. MD increased its stake in shares of Tenet Healthcare by 11.1% in the 1st 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 in the last quarter. 8 Knots Management LLC raised its stake in shares of Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after buying an additional 438,033 shares during the period. Acadian Asset Management LLC lifted its position in shares of Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares in the last quarter. Farallon Capital Management LLC increased its holdings in Tenet Healthcare by 70.1% in the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after acquiring an additional 262,600 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after purchasing an additional 245,875 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

About Tenet Healthcare

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.