Guggenheim Forecasts Strong Price Appreciation for Tenet Healthcare (NYSE:THC) Stock

Tenet Healthcare (NYSE:THC) had its price target hoisted by research analysts at Guggenheim from $242.00 to $283.00 in a report released on Tuesday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target would indicate a potential upside of 16.74% from the stock’s previous close.

A number of other equities analysts also recently issued reports on THC. Cantor Fitzgerald reissued an “overweight” rating on shares of Tenet Healthcare in a research report on Monday. Raymond James Financial set a $270.00 target price on shares of Tenet Healthcare in a report on Monday. Robert W. Baird upped their price target on shares of Tenet Healthcare from $210.00 to $280.00 and gave the stock a “neutral” rating in a research report on Tuesday. Royal Bank Of Canada lifted their price objective on shares of Tenet Healthcare from $236.00 to $283.00 and gave the company an “outperform” rating in a report on Monday. Finally, UBS Group upped their target price on Tenet Healthcare from $288.00 to $308.00 and gave the stock a “buy” rating in a report on Monday. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $263.45.

Tenet Healthcare Price Performance

Shares of THC stock opened at $242.42 on Tuesday. The company’s 50-day simple moving average is $186.16 and its two-hundred day simple moving average is $197.79. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.41 and a quick ratio of 1.35. Tenet Healthcare has a one year low of $151.00 and a one year high of $248.82. The company has a market capitalization of $20.88 billion, a P/E ratio of 9.35, a P/E/G ratio of 1.61 and a beta of 1.27.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Friday, July 24th. The company reported $6.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.26 by $1.86. The company had revenue of $6.04 billion for the quarter, compared to analysts’ expectations of $5.43 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.Tenet Healthcare’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.02 earnings per share. As a group, equities analysts anticipate that Tenet Healthcare will post 21 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

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

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC lifted its stake in Tenet Healthcare by 6.1% during the 1st quarter. NewEdge Advisors LLC now owns 2,890 shares of the company’s stock valued at $389,000 after acquiring an additional 166 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Tenet Healthcare by 299.1% during the first quarter. Jones Financial Companies Lllp now owns 1,700 shares of the company’s stock worth $229,000 after purchasing an additional 1,274 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Tenet Healthcare during the second quarter valued at $290,000. Quantbot Technologies LP acquired a new stake in Tenet Healthcare during the 2nd quarter worth about $65,000. Finally, Amundi raised its stake in shares of Tenet Healthcare by 4,207.8% during the 2nd quarter. Amundi now owns 27,010 shares of the company’s stock valued at $4,652,000 after buying an additional 26,383 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

About Tenet Healthcare

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.