Tenet Healthcare Co. (NYSE:THC) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Tenet Healthcare Co. (NYSE:THCGet 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 (NYSE:THCGet Rating) last posted its quarterly earnings results on Friday, October 21st. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.16. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company earned $1.99 earnings per share. The business’s revenue was down 1.9% compared to the same quarter last year. As a group, sell-side analysts expect that Tenet Healthcare will post 6.14 EPS for the current year.

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

(Get Rating)

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.

Further Reading

Analyst Recommendations for Tenet Healthcare (NYSE:THC)

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