Shares of Tenet Healthcare Co. (NYSE:THC – Get Rating) have received a consensus rating of “Moderate Buy” from the eighteen ratings firms that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $72.38.
A number of equities research analysts have weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Tenet Healthcare from $82.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, October 24th. Bank of America decreased their price target on shares of Tenet Healthcare from $79.00 to $64.00 in a research note on Friday, October 21st. Truist Financial cut their price objective on Tenet Healthcare from $80.00 to $55.00 in a report on Monday, October 24th. Mizuho cut their price objective on Tenet Healthcare from $80.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, November 2nd. Finally, Stephens cut their price objective on Tenet Healthcare from $65.00 to $45.00 and set an “equal weight” rating for the company in a report on Monday, October 24th.
Tenet Healthcare Trading Up 10.7 %
Shares of Tenet Healthcare stock opened at $42.38 on Friday. The company’s fifty day simple moving average is $51.73 and its 200-day simple moving average is $58.98. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 1.13 and a beta of 2.24. The company has a current ratio of 1.40, a quick ratio of 1.31 and a debt-to-equity ratio of 5.97. Tenet Healthcare has a 1 year low of $36.69 and a 1 year high of $92.65.
Tenet Healthcare declared that its board has initiated a share buyback plan on Thursday, October 20th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
Insider Activity at Tenet Healthcare
In other news, CFO Daniel J. Cancelmi acquired 11,000 shares of the stock in a transaction that occurred on Wednesday, October 26th. The stock was purchased at an average cost of $43.07 per share, for a total transaction of $473,770.00. Following the completion of the transaction, the chief financial officer now directly owns 392,815 shares in the company, valued at $16,918,542.05. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by company insiders.
Institutional Trading of Tenet Healthcare
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in THC. FMR LLC increased its position in Tenet Healthcare by 30.6% in the second quarter. FMR LLC now owns 6,940,816 shares of the company’s stock worth $364,810,000 after purchasing an additional 1,625,431 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Tenet Healthcare by 170.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,687,339 shares of the company’s stock worth $87,033,000 after buying an additional 1,063,338 shares during the period. Samlyn Capital LLC grew its position in shares of Tenet Healthcare by 243.9% during the 2nd quarter. Samlyn Capital LLC now owns 1,433,152 shares of the company’s stock worth $75,326,000 after buying an additional 1,016,357 shares during the period. Citigroup Inc. grew its position in shares of Tenet Healthcare by 730.0% during the 1st quarter. Citigroup Inc. now owns 1,097,136 shares of the company’s stock worth $94,310,000 after buying an additional 964,957 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Tenet Healthcare during the 3rd quarter worth about $34,146,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.
Tenet Healthcare Company Profile
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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