Cantor Fitzgerald Reaffirms Overweight Rating for Tenet Healthcare (NYSE:THC)

Cantor Fitzgerald reissued their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a report released on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $168.00 price objective on the stock.

Several other research analysts have also weighed in on THC. Raymond James increased their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a strong-buy rating in a report on Thursday, July 25th. UBS Group lifted their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a buy rating in a report on Wednesday, August 14th. The Goldman Sachs Group increased their target price on Tenet Healthcare from $156.00 to $173.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. Royal Bank of Canada upped their price target on Tenet Healthcare from $109.00 to $136.00 and gave the stock an outperform rating in a research note on Wednesday, May 1st. Finally, Baird R W raised Tenet Healthcare to a strong-buy rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $152.69.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $158.23 on Monday. The firm’s 50-day moving average is $141.04 and its two-hundred day moving average is $119.34. 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 stock has a market capitalization of $15.46 billion, a P/E ratio of 6.14, a P/E/G ratio of 0.76 and a beta of 2.15. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $158.48.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Equities analysts predict that Tenet Healthcare will post 10.68 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Christopher S. Lynch sold 10,861 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard W. Fisher sold 1,400 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the transaction, the director now directly owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The disclosure for this sale can be found here. Insiders sold 126,865 shares of company stock worth $19,186,587 over the last ninety days. Corporate insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC boosted its holdings in Tenet Healthcare by 5,297.5% in the fourth quarter. International Assets Investment Management LLC now owns 6,423 shares of the company’s stock worth $485,000 after purchasing an additional 6,304 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Tenet Healthcare during the 4th quarter valued at about $946,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Tenet Healthcare by 5.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,041 shares of the company’s stock worth $1,514,000 after acquiring an additional 1,075 shares during the last quarter. Xponance Inc. boosted its stake in Tenet Healthcare by 1.2% in the fourth quarter. Xponance Inc. now owns 12,337 shares of the company’s stock valued at $932,000 after acquiring an additional 147 shares during the period. Finally, abrdn plc acquired a new stake in shares of Tenet Healthcare during the 4th quarter worth approximately $11,265,000. 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.