Tenet Healthcare (NYSE:THC) Upgraded by KeyCorp to Strong-Buy

KeyCorp upgraded shares of Tenet Healthcare (NYSE:THC) to a strong-buy rating in a research note released on Thursday, Zacks.com reports.

A number of other equities research analysts have also weighed in on THC. Raymond James lifted their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a strong-buy rating in a research report on Thursday, July 25th. Truist Financial restated a buy rating and set a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. The Goldman Sachs Group lifted their price target on Tenet Healthcare from $156.00 to $173.00 and gave the company a buy rating in a research report on Tuesday, July 30th. Wells Fargo & Company lifted their price target on Tenet Healthcare from $145.00 to $175.00 and gave the company an overweight rating in a research report on Tuesday, July 30th. Finally, Cantor Fitzgerald restated an overweight rating and set a $168.00 price target on shares of Tenet Healthcare in a research report on Tuesday, October 1st. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $155.47.

Tenet Healthcare Price Performance

THC opened at $155.80 on Thursday. The stock’s 50 day simple moving average is $158.58 and its 200 day simple moving average is $136.49. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20. The firm has a market cap of $14.93 billion, a price-to-earnings ratio of 5.72, a PEG ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, analysts predict that Tenet Healthcare will post 10.73 earnings per share for the current year.

Tenet Healthcare declared that its board has approved a stock buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 over the last 90 days. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new position in Tenet Healthcare during the 2nd quarter valued at about $28,000. Rise Advisors LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $30,000. ORG Partners LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at about $31,000. Finally, Blue Trust Inc. boosted its holdings in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in 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.