Tenet Healthcare (NYSE:THC) Price Target Raised to $105.00 at Truist Financial

Tenet Healthcare (NYSE:THCFree Report) had its price objective increased by Truist Financial from $92.00 to $105.00 in a research note published on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. StockNews.com upgraded Tenet Healthcare from a hold rating to a buy rating in a research note on Saturday, December 16th. The Goldman Sachs Group lowered their target price on Tenet Healthcare from $98.00 to $85.00 and set a buy rating on the stock in a research note on Thursday, November 9th. Raymond James lowered their target price on Tenet Healthcare from $95.00 to $90.00 and set a strong-buy rating on the stock in a research note on Wednesday, November 1st. Royal Bank of Canada boosted their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a research note on Friday. Finally, Wells Fargo & Company lowered their price objective on Tenet Healthcare from $83.00 to $71.00 and set an overweight rating on the stock in a research note on Friday, October 20th. One equities 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. Based on data from MarketBeat.com, Tenet Healthcare presently has an average rating of Buy and an average price target of $92.47.

Get Our Latest Stock Analysis on Tenet Healthcare

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $88.05 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 4.77. The stock’s fifty day simple moving average is $78.75 and its two-hundred day simple moving average is $70.66. Tenet Healthcare has a 1-year low of $49.76 and a 1-year high of $91.85. The stock has a market cap of $8.94 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 4.66 and a beta of 2.10.

Tenet Healthcare (NYSE:THCGet Free Report) last issued its quarterly earnings data on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business earned $1.96 EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, analysts forecast that Tenet Healthcare will post 6.28 EPS for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $66.33, for a total transaction of $331,650.00. Following the completion of the transaction, the director now owns 23,227 shares of the company’s stock, valued at $1,540,646.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its position in Tenet Healthcare by 14.7% during the first quarter. BlackRock Inc. now owns 11,639,373 shares of the company’s stock valued at $691,612,000 after acquiring an additional 1,491,799 shares during the last quarter. Vanguard Group Inc. grew its position in Tenet Healthcare by 0.6% during the third quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock valued at $720,671,000 after acquiring an additional 63,253 shares during the last quarter. State Street Corp grew its position in Tenet Healthcare by 2.4% during the first quarter. State Street Corp now owns 3,377,944 shares of the company’s stock valued at $290,368,000 after acquiring an additional 78,687 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Tenet Healthcare by 259.1% during the second quarter. Marshall Wace LLP now owns 2,281,465 shares of the company’s stock valued at $185,666,000 after purchasing an additional 1,646,137 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Tenet Healthcare by 23.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,180,627 shares of the company’s stock valued at $187,446,000 after purchasing an additional 415,945 shares during the period. Hedge funds and other institutional investors own 93.56% of the company’s stock.

About Tenet Healthcare

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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.

Further Reading

Analyst Recommendations for Tenet Healthcare (NYSE:THC)

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