StockNews.com Upgrades Tenet Healthcare (NYSE:THC) to Strong-Buy

StockNews.com upgraded shares of Tenet Healthcare (NYSE:THC) from a buy rating to a strong-buy rating in a research report report published on Thursday.

THC has been the topic of a number of other reports. Royal Bank of Canada raised their price objective on shares of Tenet Healthcare from $109.00 to $136.00 and gave the company an outperform rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lifted their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a buy rating in a research note on Friday, April 12th. Cantor Fitzgerald restated an overweight rating and issued a $104.00 target price on shares of Tenet Healthcare in a report on Wednesday, April 10th. UBS Group increased their price target on Tenet Healthcare from $137.00 to $150.00 and gave the company a buy rating in a research report on Wednesday, May 1st. Finally, Truist Financial reiterated a buy rating and issued a $130.00 target price (up previously from $120.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. One equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $113.19.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $120.28 on Thursday. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $121.72. The firm has a market capitalization of $11.75 billion, a P/E ratio of 4.67, a P/E/G ratio of 1.22 and a beta of 2.09. The firm’s 50-day moving average price is $100.37 and its 200-day moving average price is $82.58. 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 announced its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter last year, the firm posted $1.42 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Tenet Healthcare will post 8.73 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, EVP Thomas W. Arnst sold 8,148 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total value of $945,982.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,416 shares of company stock worth $5,890,793. 0.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in THC. Vanguard Group Inc. boosted its position in shares of Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after acquiring an additional 172,913 shares during the period. Glenview Capital Management LLC grew its position in shares of Tenet Healthcare by 12.8% during the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Tenet Healthcare by 16.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock worth $114,629,000 after purchasing an additional 212,185 shares during the period. Greenlight Capital Inc. boosted its stake in Tenet Healthcare by 44.3% during the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after buying an additional 404,190 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Tenet Healthcare by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,043,214 shares of the company’s stock worth $78,836,000 after acquiring an additional 16,490 shares during the last quarter. Hedge funds and other institutional investors 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.