Tenet Healthcare (NYSE:THC) Given “Buy” Rating at Truist Financial

Truist Financial reiterated their buy rating on shares of Tenet Healthcare (NYSE:THC) in a research note published on Wednesday morning, Benzinga reports. The firm currently has a $130.00 price objective on the stock, up from their prior price objective of $120.00.

THC has been the subject of a number of other reports. TheStreet raised shares of Tenet Healthcare from a c+ rating to a b- rating in a research note on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a research report on Friday, April 12th. Barclays initiated coverage on Tenet Healthcare in a report on Wednesday, March 6th. They issued an overweight rating and a $113.00 price target for the company. Wolfe Research raised Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 target price for the company in a research report on Wednesday, March 27th. Finally, Wells Fargo & Company raised their price target on Tenet Healthcare from $105.00 to $115.00 and gave the company an overweight rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and an average price target of $111.06.

Tenet Healthcare Stock Up 3.3 %

NYSE THC opened at $115.94 on Wednesday. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $120.03. The company has a quick ratio of 1.42, a current ratio of 1.44 and a debt-to-equity ratio of 2.58. The company has a fifty day moving average of $98.80 and a two-hundred day moving average of $81.44. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of 4.50, a PEG ratio of 2.55 and a beta of 2.09.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $1.77. The business had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 earnings per share. On average, analysts predict that Tenet Healthcare will post 8.89 earnings per share for the current year.

Insider Activity at Tenet Healthcare

In other news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now directly owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the sale, the director now owns 33,303 shares in the company, valued at $3,296,330.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Paola M. Arbour sold 18,168 shares of Tenet Healthcare stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the sale, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The disclosure for this sale can be found here. Insiders sold 51,268 shares of company stock valued at $4,944,810 over the last 90 days. Insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in THC. Nordea Investment Management AB lifted its holdings in Tenet Healthcare by 324.3% in the fourth quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock valued at $3,030,000 after acquiring an additional 30,623 shares during the period. First Eagle Investment Management LLC boosted its holdings in Tenet Healthcare by 37.3% during the third quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company’s stock worth $11,623,000 after buying an additional 47,952 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in Tenet Healthcare by 6.0% in the fourth quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock valued at $6,889,000 after buying an additional 5,198 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Tenet Healthcare by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock worth $720,671,000 after acquiring an additional 63,253 shares in the last quarter. Finally, TD Asset Management Inc acquired a new stake in shares of Tenet Healthcare during the 3rd quarter valued at about $1,146,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.