Tenet Healthcare (NYSE:THC) Receives New Coverage from Analysts at KeyCorp

KeyCorp initiated coverage on shares of Tenet Healthcare (NYSE:THC) in a research note issued to investors on Friday, MarketBeat reports. The brokerage issued an overweight rating and a $200.00 price target on the stock. KeyCorp also issued estimates for Tenet Healthcare’s FY2024 earnings at $10.67 EPS, FY2025 earnings at $11.54 EPS and FY2026 earnings at $13.10 EPS.

Other research analysts have also issued reports about the stock. Citigroup raised their price target 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. Truist Financial reissued 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. Cantor Fitzgerald reaffirmed an overweight rating and issued a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Barclays lifted their price objective 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, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a research report on Friday, June 28th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $156.06.

Tenet Healthcare Stock Down 0.3 %

Shares of THC opened at $155.29 on Friday. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20. The firm has a market cap of $15.17 billion, a P/E ratio of 6.03, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. The firm’s 50-day simple moving average is $158.78 and its 200 day simple moving average is $137.31. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. On average, analysts forecast that Tenet Healthcare will post 10.73 earnings per share for the current year.

Tenet Healthcare declared that its board has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the transaction, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on 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 in the company, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Large investors have recently made changes to their positions in the stock. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare during the second quarter valued at $28,000. Rise Advisors LLC purchased a new stake in Tenet Healthcare in the first quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in shares of Tenet Healthcare during the third quarter valued at about $30,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare during the second quarter valued at about $31,000. Finally, Blue Trust Inc. lifted its position in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.