Wells Fargo & Company Raises Tenet Healthcare (NYSE:THC) Price Target to $195.00

by · The Markets Daily

Tenet Healthcare (NYSE:THC – Get Free Report) had its price target increased by analysts at Wells Fargo & Company from $175.00 to $195.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 23.99% from the stock’s current price.

THC has been the topic of a number of other research reports. Citigroup boosted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Barclays upped their price target on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. KeyCorp assumed coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price target on the stock. Finally, UBS Group upped their price target on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $157.24.

View Our Latest Analysis on THC

Tenet Healthcare Stock Performance

NYSE THC traded down $2.45 during trading on Tuesday, hitting $157.27. The company’s stock had a trading volume of 158,245 shares, compared to its average volume of 1,181,316. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The firm has a 50 day moving average price of $159.94 and a 200 day moving average price of $138.96. The firm has a market cap of $15.36 billion, a P/E ratio of 6.10, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC – Get Free Report) last issued its quarterly 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. The company had revenue of $5.10 billion for 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 research analysts forecast that Tenet Healthcare will post 10.73 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The stock was 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 directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The trade was 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 sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Several hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC bought a new position in Tenet Healthcare during the 3rd quarter worth $30,000. Innealta Capital LLC bought a new position in Tenet Healthcare during the 2nd quarter worth $28,000. ORG Partners LLC bought a new position in Tenet Healthcare during the 2nd quarter worth $31,000. Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare during the 2nd quarter worth $34,000. 95.44% of the stock is owned by institutional investors and hedge funds.

About Tenet Healthcare

(Get Free Report)

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.

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