Tenet Healthcare (NYSE:THC) Rating Reiterated by Truist Financial

Tenet Healthcare (NYSE:THC)‘s stock had its “buy” rating reaffirmed by Truist Financial in a research report issued on Monday, Benzinga reports. They presently have a $92.00 target price on the stock. Truist Financial’s price target would indicate a potential upside of 37.56% from the company’s current price.

A number of other analysts have also recently commented on the company. Cantor Fitzgerald upped their price target on Tenet Healthcare from $76.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Royal Bank of Canada decreased their price objective on shares of Tenet Healthcare from $87.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 31st. JPMorgan Chase & Co. lowered their price target on Tenet Healthcare from $91.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday. StockNews.com assumed coverage on shares of Tenet Healthcare in a report on Thursday, October 5th. They set a “buy” rating for the company. Finally, Wells Fargo & Company dropped their target price on shares of Tenet Healthcare from $83.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, October 20th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $84.31.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded up $3.14 during midday trading on Monday, hitting $66.88. 823,184 shares of the stock traded hands, compared to its average volume of 1,485,150. The firm has a market capitalization of $6.79 billion, a P/E ratio of 15.41, a PEG ratio of 2.91 and a beta of 2.19. The company has a debt-to-equity ratio of 5.18, a quick ratio of 1.34 and a current ratio of 1.43. Tenet Healthcare has a one year low of $42.76 and a one year high of $85.40. The firm has a 50-day moving average of $60.38 and a two-hundred day moving average of $70.15.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Monday, October 30th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.24. Tenet Healthcare had a net margin of 2.33% and a return on equity of 25.34%. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter in the prior year, the business earned $1.44 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts forecast that Tenet Healthcare will post 5.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE raised its holdings in shares of Tenet Healthcare by 14.6% in the first quarter. US Bancorp DE now owns 1,428 shares of the company’s stock worth $123,000 after buying an additional 182 shares during the period. HighTower Advisors LLC bought a new position in shares of Tenet Healthcare in the first quarter worth about $219,000. Natixis Advisors L.P. purchased a new stake in Tenet Healthcare in the 1st quarter valued at about $1,651,000. APG Asset Management N.V. bought a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $1,769,000. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Tenet Healthcare by 13.2% in the first quarter. Great West Life Assurance Co. Can now owns 63,273 shares of the company’s stock valued at $5,604,000 after purchasing an additional 7,365 shares during the period. Hedge funds and other institutional investors own 93.56% of the company’s stock.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates through three segments: Hospital Operations, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.