Tenet Healthcare (NYSE:THC) Price Target Raised to $205.00 at Wells Fargo & Company

Tenet Healthcare (NYSE:THC) had its price objective upped by Wells Fargo & Company from $195.00 to $205.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on THC. Royal Bank of Canada raised their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. UBS Group lifted their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Citigroup lifted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Barclays upped their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, The Goldman Sachs Group boosted their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One equities research 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 MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $164.24.

Tenet Healthcare Stock Performance

NYSE THC traded up $4.15 during trading hours on Wednesday, hitting $164.52. 261,988 shares of the company’s stock traded hands, compared to its average volume of 1,213,400. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare has a 52 week low of $52.08 and a 52 week high of $171.20. The firm has a market capitalization of $15.65 billion, a P/E ratio of 5.14, a P/E/G ratio of 0.73 and a beta of 2.15. The business’s fifty day moving average price is $159.36 and its two-hundred day moving average price is $143.85.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the company posted $1.44 earnings per share. Tenet Healthcare’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts predict that Tenet Healthcare will post 11.38 EPS for the current year.

Tenet Healthcare announced that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was 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 approximately $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,203 shares of company stock valued at $17,451,957. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Institutional investors have recently made changes to their positions in the company. Innealta Capital LLC bought a new position in Tenet Healthcare during the 2nd quarter worth about $28,000. Plato Investment Management Ltd bought a new position in shares of Tenet Healthcare during the third quarter valued at approximately $28,000. ORG Wealth Partners LLC purchased a new position in Tenet Healthcare during the third quarter valued at approximately $30,000. ORG Partners LLC purchased a new stake in Tenet Healthcare during the second quarter worth $31,000. Finally, Blue Trust Inc. boosted its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring 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.