Cantor Fitzgerald Reaffirms Overweight Rating for Tenet Healthcare (NYSE:THC)

Cantor Fitzgerald restated their overweight rating on shares of Tenet Healthcare (NYSE:THC) in a research note released on Tuesday, Benzinga reports. Cantor Fitzgerald currently has a $168.00 price target on the stock.

THC has been the topic of several other research reports. Barclays raised their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an overweight rating in a report on Monday, July 29th. Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a strong-buy rating in a report on Thursday, July 25th. The Goldman Sachs Group raised their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a buy rating in a report on Tuesday, July 30th. StockNews.com upgraded Tenet Healthcare from a buy rating to a strong-buy rating in a report on Friday, June 7th. Finally, Citigroup lifted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a buy rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare has an average rating of Buy and an average target price of $152.69.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $156.78 on Tuesday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The stock has a fifty day moving average of $157.86 and a two-hundred day moving average of $134.18. The company has a market capitalization of $15.31 billion, a price-to-earnings ratio of 6.08, a PEG ratio of 0.86 and a beta of 2.14. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, analysts anticipate that Tenet Healthcare will post 10.72 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by insiders.

Institutional Trading of Tenet Healthcare

Hedge funds and other institutional investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $28,000. Rise Advisors LLC acquired a new position in Tenet Healthcare in the first quarter valued at approximately $29,000. ORG Partners LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $31,000. Blue Trust Inc. boosted its stake in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $34,000. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Company Profile

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.