KeyCorp Initiates Coverage on Tenet Healthcare (NYSE:THC)

KeyCorp initiated coverage on shares of Tenet Healthcare (NYSE:THC) in a research note released on Friday, MarketBeat.com reports. The firm issued an overweight rating and a $200.00 price objective on the stock. KeyCorp also issued estimates for Tenet Healthcare’s FY2024 earnings at $10.67 EPS, FY2025 earnings at $11.54 EPS and FY2026 earnings at $13.10 EPS.

Several other brokerages also recently issued reports on THC. Wells Fargo & Company raised their price target on Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a report on Tuesday, July 30th. Barclays increased their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Cantor Fitzgerald reiterated an overweight rating and set a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. UBS Group increased their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the stock a buy rating in a research report on Wednesday, August 14th. Finally, Truist Financial reiterated a buy rating and set a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $155.47.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $155.80 on Friday. The business has a 50-day moving average price of $158.58 and a two-hundred day moving average price of $136.49. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock has a market capitalization of $14.93 billion, a P/E ratio of 5.72, a P/E/G ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Equities analysts predict that Tenet Healthcare will post 10.73 earnings per share for the current year.

Tenet Healthcare announced that its board has authorized a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was 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 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 document filed with the SEC, which is accessible through the SEC website. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the business’s 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 transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,203 shares of company stock worth $19,754,997. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after buying an additional 172,913 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after purchasing an additional 790,684 shares during the period. 8 Knots Management LLC raised its position in shares of Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after purchasing an additional 438,033 shares during the period. Marshall Wace LLP raised its position in Tenet Healthcare by 7.3% in the 2nd quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after buying an additional 48,626 shares during the last quarter. Finally, Farallon Capital Management LLC raised its position in Tenet Healthcare by 7.8% in the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock valued at $91,450,000 after buying an additional 50,000 shares during the last quarter. 95.44% of the stock is 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.