Truist Financial Raises Tenet Healthcare (NYSE:THC) Price Target to $290.00

Tenet Healthcare (NYSE:THC) had its price target hoisted by investment analysts at Truist Financial from $270.00 to $290.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 15.59% from the stock’s current price.

A number of other analysts have also weighed in on THC. Weiss Ratings lowered shares of Tenet Healthcare from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 2nd. Robert W. Baird lifted their target price on shares of Tenet Healthcare from $210.00 to $280.00 and gave the stock a “neutral” rating in a research report on Tuesday. KeyCorp decreased their price target on shares of Tenet Healthcare from $250.00 to $225.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Royal Bank Of Canada lifted their price target on shares of Tenet Healthcare from $236.00 to $283.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Piper Sandler set a $308.00 price objective on Tenet Healthcare in a report on Monday. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and an average target price of $264.45.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $250.89 on Tuesday. The business’s 50 day moving average is $186.16 and its 200-day moving average is $197.79. The firm has a market cap of $21.61 billion, a P/E ratio of 9.57, a price-to-earnings-growth ratio of 1.61 and a beta of 1.27. Tenet Healthcare has a 1-year low of $155.02 and a 1-year high of $248.82. The company has a current ratio of 1.41, a quick ratio of 1.35 and a debt-to-equity ratio of 2.00.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Friday, July 24th. The company reported $6.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.26 by $1.86. The firm had revenue of $6.04 billion during the quarter, compared to the consensus estimate of $5.43 billion. Tenet Healthcare had a net margin of 10.27% and a return on equity of 26.76%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.02 EPS. Equities research analysts predict that Tenet Healthcare will post 21 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Nadja West sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $177.35, for a total value of $532,050.00. Following the completion of the sale, the director directly owned 24,805 shares of the company’s stock, valued at approximately $4,399,166.75. This represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director J Robert Kerrey sold 5,638 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $174.52, for a total value of $983,943.76. Following the completion of the transaction, the director owned 16,804 shares of the company’s stock, valued at $2,932,634.08. This trade represents a 25.12% decrease in their position. The SEC filing for this sale provides additional information. 0.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tenet Healthcare

Large investors have recently modified their holdings of the business. Triumph Capital Management purchased a new stake in shares of Tenet Healthcare during the 3rd quarter valued at approximately $25,000. Activest Wealth Management bought a new position in shares of Tenet Healthcare in the fourth quarter worth $26,000. Elyxium Wealth LLC purchased a new position in shares of Tenet Healthcare in the fourth quarter valued at $29,000. Canada Pension Plan Investment Board purchased a new stake in Tenet Healthcare during the 2nd quarter worth about $35,000. Finally, Meeder Asset Management Inc. boosted its stake in Tenet Healthcare by 146.2% in the 4th quarter. Meeder Asset Management Inc. now owns 192 shares of the company’s stock worth $38,000 after purchasing an additional 114 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.