Tenet Healthcare (NYSE:THC) Stock Price Expected to Rise, Barclays Analyst Says

Tenet Healthcare (NYSE:THC) had its price target raised by equities researchers at Barclays from $171.00 to $215.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 24.94% from the stock’s previous close.

THC has been the topic of a number of other reports. UBS Group lifted their price target on Tenet Healthcare from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Bank of America lifted their price objective on Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, May 14th. Royal Bank of Canada lifted their price objective on Tenet Healthcare from $183.00 to $189.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 30th. Wells Fargo & Company raised Tenet Healthcare from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $150.00 to $195.00 in a research note on Thursday, May 29th. Finally, Baird R W lowered Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and an average target price of $180.18.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $172.08 on Monday. The business’s 50-day moving average price is $142.20 and its 200-day moving average price is $136.61. Tenet Healthcare has a 12 month low of $109.82 and a 12 month high of $174.14. The firm has a market capitalization of $15.98 billion, a price-to-earnings ratio of 5.34, a PEG ratio of 1.02 and a beta of 1.63. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $1.25. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The firm had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same period last year, the firm posted $3.22 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts forecast that Tenet Healthcare will post 12.24 EPS for the current year.

Insiders Place Their Bets

In other news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the sale, the director now owns 27,378 shares in the company, valued at $3,434,022.54. The trade was a 25.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas W. Arnst sold 9,786 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total value of $1,624,476.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,072 shares of company stock worth $8,557,590. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently modified their holdings of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Tenet Healthcare during the first quarter valued at approximately $26,000. Wayfinding Financial LLC purchased a new position in shares of Tenet Healthcare during the first quarter valued at approximately $28,000. SVB Wealth LLC purchased a new position in shares of Tenet Healthcare during the first quarter valued at approximately $30,000. Colonial Trust Co SC boosted its position in shares of Tenet Healthcare by 85.7% during the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock valued at $31,000 after buying an additional 114 shares during the last quarter. Finally, N.E.W. Advisory Services LLC purchased a new position in shares of Tenet Healthcare during the first quarter valued at approximately $31,000. 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.