UBS Group Raises Tenet Healthcare (NYSE:THC) Price Target to $150.00

Tenet Healthcare (NYSE:THC) had its price objective increased by UBS Group from $137.00 to $150.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts also recently commented on THC. Wolfe Research raised Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective for the company in a research note on Wednesday, March 27th. Cantor Fitzgerald reissued an overweight rating and issued a $104.00 price target on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Stephens upped their price objective on shares of Tenet Healthcare from $95.00 to $122.00 and gave the company an equal weight rating in a research note on Wednesday. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Finally, Truist Financial restated a buy rating and issued a $130.00 price target (up from $120.00) on shares of Tenet Healthcare in a research report on Wednesday. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of Buy and a consensus price target of $113.19.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $120.28 on Wednesday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.42 and a current ratio of 1.44. The firm has a market cap of $11.75 billion, a PE ratio of 4.67, a PEG ratio of 1.22 and a beta of 2.09. Tenet Healthcare has a one year low of $51.04 and a one year high of $121.72. The firm has a fifty day moving average of $100.37 and a 200 day moving average of $82.40.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, research analysts predict that Tenet Healthcare will post 8.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total value of $945,982.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. Insiders sold a total of 59,416 shares of company stock worth $5,890,793 over the last 90 days. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Tenet Healthcare in the 4th quarter valued at approximately $78,254,000. Glenview Capital Management LLC grew its position in Tenet Healthcare by 12.8% in the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after buying an additional 877,180 shares during the last quarter. 8 Knots Management LLC acquired a new position in Tenet Healthcare in the 4th quarter valued at $44,412,000. Wedge Capital Management L L P NC lifted its stake in shares of Tenet Healthcare by 1,265.6% in the 1st quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock worth $49,208,000 after acquiring an additional 433,877 shares during the period. Finally, Greenlight Capital Inc. increased its stake in shares of Tenet Healthcare by 44.3% during the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock worth $99,448,000 after acquiring an additional 404,190 shares during the period. Institutional investors and hedge funds 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.