Tenet Healthcare (NYSE:THC) Price Target Raised to $300.00

Tenet Healthcare (NYSE:THC) had its price objective lifted by KeyCorp from $270.00 to $300.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also commented on THC. UBS Group lifted their price objective on shares of Tenet Healthcare from $288.00 to $308.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Cantor Fitzgerald reissued an “overweight” rating on shares of Tenet Healthcare in a research report on Friday, October 2nd. Mizuho set a $305.00 price target on shares of Tenet Healthcare in a research note on Monday. Piper Sandler set a $308.00 price target on shares of Tenet Healthcare in a report on Monday, July 27th. Finally, Zacks Research downgraded Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Twenty analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $293.48.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $286.89 on Tuesday. Tenet Healthcare has a 52 week low of $157.58 and a 52 week high of $301.44. The company’s 50 day moving average price is $265.00 and its two-hundred day moving average price is $221.94. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76. The stock has a market cap of $22.83 billion, a P/E ratio of 8.32, a P/E/G ratio of 1.56 and a beta of 1.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Thursday, October 29th. The company reported $6.64 EPS for the quarter, beating analysts’ consensus estimates of $4.68 by $1.96. The company had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $5.49 billion. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. Tenet Healthcare’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the business posted $3.70 earnings per share. On average, equities analysts predict that Tenet Healthcare will post 22.32 earnings per share for the current year.

Insider Transactions at Tenet Healthcare

In related news, Director Richard J. Mark sold 10,000 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $263.42, for a total transaction of $2,634,200.00. Following the sale, the director owned 25,121 shares of the company’s stock, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Saumya Sutaria sold 50,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $278.71, for a total value of $13,935,500.00. Following the completion of the transaction, the chief executive officer owned 483,564 shares of the company’s stock, valued at approximately $134,774,122.44. This represents a 9.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 98,462 shares of company stock valued at $26,788,234. 0.97% of the stock is currently owned by company insiders.

Institutional Trading of Tenet Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of the company. Manning & Napier Advisors LLC purchased a new stake in Tenet Healthcare in the second quarter worth $168,761,000. Arrowstreet Capital Limited Partnership raised its holdings in Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after purchasing an additional 244,901 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Tenet Healthcare in the second quarter worth $106,342,000. Empowered Funds LLC lifted its position in Tenet Healthcare by 22.1% during the first quarter. Empowered Funds LLC now owns 284,753 shares of the company’s stock valued at $53,736,000 after buying an additional 51,549 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Tenet Healthcare by 11.8% during the 1st quarter. First Trust Advisors LP now owns 240,019 shares of the company’s stock valued at $45,294,000 after buying an additional 25,263 shares in the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Tenet Healthcare

Here are the key news stories impacting Tenet Healthcare this week:

• Positive Sentiment: Truist Financial reaffirmed its “Buy” rating on Tenet, signaling continued confidence in the company. Tenet Healthcare Stock Rating Reaffirmed as Buy by Truist Financial
• Positive Sentiment: KeyCorp, Wells Fargo, Leerink Partners and Royal Bank of Canada were also reported to expect potential appreciation in Tenet shares, adding to the positive analyst tone. KeyCorp Forecasts Strong Price Appreciation Wells Fargo Analyst Expects Tenet Stock to Rise Leerink Partners Forecasts Price Appreciation Royal Bank of Canada Forecasts Price Appreciation
• Positive Sentiment: Barclays raised its price target to $297 from $271 and maintained an “overweight” rating. The revised target suggests approximately 3.5% upside from the cited share price. Barclays Raises Tenet Price Target
• Neutral Sentiment: A report linked a sharp hospital-stock rally to investor expectations of policy relief after Democrats took Congress. Any benefit for Tenet is uncertain: the article notes that action would still require congressional approval, a presidential signature and resolution of a December funding fight. Hospital Stocks Soared as Democrats Took Congress
• Neutral Sentiment: Zacks described THC as a trending stock but offered general information rather than a distinct new company catalyst. Tenet Healthcare Is a Trending Stock

About Tenet Healthcare

Tenet Healthcare Corp. (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.