Truist Financial Reiterates “Buy” Rating for Tenet Healthcare (NYSE:THC)

Truist Financial reaffirmed their buy rating on shares of Tenet Healthcare (NYSE:THC) in a report published on Wednesday, Benzinga reports. They currently have a $130.00 target price on the stock, up from their prior target price of $120.00.

A number of other brokerages also recently commented on THC. Wells Fargo & Company lifted their target price on shares of Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Stephens lifted their target price on shares of Tenet Healthcare from $95.00 to $122.00 and gave the stock an equal weight rating in a research note on Wednesday. Royal Bank of Canada lifted their target price on shares of Tenet Healthcare from $97.00 to $109.00 and gave the stock an outperform rating in a research note on Friday, February 9th. Wolfe Research raised shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price target on the stock in a research note on Wednesday, March 27th. Finally, Barclays initiated coverage on shares of Tenet Healthcare in a research note on Wednesday, March 6th. They issued an overweight rating and a $113.00 price target on the stock. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare has a consensus rating of Buy and an average target price of $113.19.

Tenet Healthcare Stock Performance

THC opened at $120.28 on Wednesday. The firm has a market capitalization of $11.75 billion, a PE ratio of 4.67, a PEG ratio of 1.22 and a beta of 2.09. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $121.72. The firm’s 50-day moving average price is $100.37 and its 200 day moving average price is $82.40. The company has a current ratio of 1.44, a quick ratio of 1.42 and a debt-to-equity ratio of 2.58.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. Tenet Healthcare’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.42 earnings per share. As a group, sell-side analysts expect that Tenet Healthcare will post 8.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the sale, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Insiders have sold a total of 59,416 shares of company stock valued at $5,890,793 in the last ninety days. Company insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after buying an additional 90 shares in the last quarter. Violich Capital Management Inc. boosted its holdings in shares of Tenet Healthcare by 3.2% in the 1st quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after buying an additional 105 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Tenet Healthcare by 17.0% in the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after buying an additional 106 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Tenet Healthcare by 0.3% in the 4th quarter. Yousif Capital Management LLC now owns 42,825 shares of the company’s stock valued at $3,236,000 after buying an additional 131 shares in the last quarter. Finally, SummerHaven Investment Management LLC boosted its holdings in shares of Tenet Healthcare by 1.7% in the 4th quarter. SummerHaven Investment Management LLC now owns 8,685 shares of the company’s stock valued at $656,000 after buying an additional 145 shares in the last quarter. Institutional investors and hedge funds 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.