Tenet Healthcare (NYSE:THC) Given New $190.00 Price Target at Barclays

Tenet Healthcare (NYSE:THC) had its price objective raised by stock analysts at Barclays from $171.00 to $190.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 15.07% from the stock’s previous close.

THC has been the topic of a number of other reports. Truist Financial reiterated a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Wells Fargo & Company lifted their target price on Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Citigroup lifted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One equities 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. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and an average target price of $165.35.

Tenet Healthcare Stock Down 2.0 %

THC stock traded down $3.40 during mid-day trading on Friday, hitting $165.12. 470,190 shares of the company were exchanged, compared to its average volume of 1,213,913. The firm has a market cap of $15.70 billion, a P/E ratio of 5.30, a P/E/G ratio of 0.73 and a beta of 2.15. Tenet Healthcare has a 1-year low of $52.08 and a 1-year high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm’s 50 day simple moving average is $159.44 and its 200 day simple moving average is $144.02.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping 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 net margin of 14.91% and a return on equity of 24.05%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.44 EPS. On average, sell-side analysts predict that Tenet Healthcare will post 11.38 EPS for the current fiscal year.

Tenet Healthcare declared that its board has initiated a stock buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare 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 completion of the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,203 shares of company stock valued at $17,451,957 over the last 90 days. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of large investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in 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 worth $831,947,000 after acquiring an additional 790,684 shares in the last quarter. 8 Knots Management LLC increased 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 acquiring an additional 438,033 shares in the last quarter. Acadian Asset Management LLC boosted its stake in 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 purchasing an additional 321,789 shares during the last quarter. Farallon Capital Management LLC raised its holdings in shares of Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock valued at $67,002,000 after purchasing an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted 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 worth $52,718,000 after purchasing an additional 245,875 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.