Tenet Healthcare (NYSE:THC) Given New $342.00 Price Target at Leerink Partners

Tenet Healthcare (NYSE:THC) had its price objective hoisted by equities researchers at Leerink Partners from $309.00 to $342.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Leerink Partners‘s price objective would indicate a potential upside of 27.11% from the company’s current price.

Other research analysts have also issued reports about the company. Barclays upped their price objective on Tenet Healthcare from $240.00 to $271.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Morgan Stanley boosted their target price on shares of Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. UBS Group raised their price target 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. BMO Capital Markets assumed coverage on shares of Tenet Healthcare in a research note on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price objective for the company. Finally, Truist Financial increased their target price on shares of Tenet Healthcare from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Eighteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.89.

Tenet Healthcare Stock Performance

Shares of NYSE:THC traded down $4.19 during trading on Monday, reaching $269.06. 698,544 shares of the stock were exchanged, compared to its average volume of 1,117,267. Tenet Healthcare has a 12 month low of $157.58 and a 12 month high of $283.05. The firm has a market cap of $21.41 billion, a PE ratio of 7.80, a PEG ratio of 1.03 and a beta of 1.20. The stock has a 50-day moving average price of $264.85 and a 200-day moving average price of $220.34. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.68 by $1.96. The company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.70 earnings per share. Research analysts expect that Tenet Healthcare will post 21.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Tammy Romo sold 4,922 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $264.15, for a total transaction of $1,300,146.30. Following the completion of the sale, the director owned 30,784 shares of the company’s stock, valued at $8,131,593.60. This represents a 13.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard J. Mark sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $263.42, for a total transaction of $2,634,200.00. Following the completion of the transaction, the director directly owned 25,121 shares in the company, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 106,484 shares of company stock valued at $28,898,063 in the last ninety days. Insiders own 0.97% of the company’s stock.

Institutional Trading of Tenet Healthcare

Large investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its stake in Tenet Healthcare by 13.6% in the third quarter. Commonwealth Equity Services LLC now owns 5,232 shares of the company’s stock valued at $1,337,000 after acquiring an additional 626 shares during the last quarter. Kestra Private Wealth Services LLC acquired a new stake in shares of Tenet Healthcare in the 3rd quarter valued at $232,000. Chicago Partners Investment Group LLC increased its stake in shares of Tenet Healthcare by 7.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 1,703 shares of the company’s stock valued at $457,000 after purchasing an additional 124 shares during the last quarter. Covestor Ltd raised its holdings in shares of Tenet Healthcare by 22.8% during the 3rd quarter. Covestor Ltd now owns 437 shares of the company’s stock worth $112,000 after buying an additional 81 shares in the last quarter. Finally, Provenance Wealth Advisors LLC acquired a new position in shares of Tenet Healthcare during the 3rd quarter worth $539,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Company Profile

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.