Tenet Healthcare (NYSE:THC) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a research note issued to investors on Tuesday, Benzinga reports. Cantor Fitzgerald currently has a $168.00 price objective on the stock.

Several other brokerages also recently issued reports on THC. Wells Fargo & Company lifted their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a research report on Tuesday, July 30th. Citigroup lifted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a buy rating in a research report on Friday, June 28th. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. Finally, UBS Group raised their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a buy rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Buy and a consensus target price of $152.69.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $162.75 on Tuesday. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $171.20. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The stock has a fifty day moving average price of $157.53 and a two-hundred day moving average price of $133.99. The firm has a market capitalization of $15.90 billion, a P/E ratio of 6.32, a P/E/G ratio of 0.86 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. As a group, analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current fiscal year.

Tenet Healthcare declared that its board has authorized a stock repurchase program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last 90 days. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently made changes to their positions in the stock. Innealta Capital LLC acquired a new position in Tenet Healthcare in the 2nd quarter worth $28,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare during the second quarter worth about $31,000. Blue Trust Inc. raised its position in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare during the 2nd quarter worth approximately $34,000. Finally, Rise Advisors LLC bought a new position in shares of Tenet Healthcare during the 1st quarter worth approximately $29,000. Institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

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.