Tenet Healthcare (NYSE:THC) Price Target Raised to $297.00

Tenet Healthcare (NYSE:THC) had its price target hoisted by Barclays from $271.00 to $297.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also recently weighed in on THC. KeyCorp lifted their price target on shares of Tenet Healthcare from $270.00 to $300.00 and gave the company an “overweight” rating in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Tenet Healthcare in a report on Friday, October 2nd. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $281.00 to $321.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Tenet Healthcare from $260.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Finally, BMO Capital Markets started coverage on shares of Tenet Healthcare in a research report on Tuesday, September 22nd. They set a “market perform” rating and a $265.00 price target on the stock. Twenty analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $293.48.

Tenet Healthcare Trading Down 1.0%

THC traded down $2.95 during midday trading on Wednesday, reaching $283.51. 631,620 shares of the company’s stock traded hands, compared to its average volume of 730,019. The firm has a fifty day moving average of $265.32 and a two-hundred day moving average of $222.39. The stock has a market capitalization of $22.56 billion, a price-to-earnings ratio of 8.22, a P/E/G ratio of 1.44 and a beta of 1.20. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare has a 52 week low of $157.58 and a 52 week high of $301.44.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, topping the consensus estimate of $4.68 by $1.96. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The business had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same quarter last year, the business posted $3.70 EPS. The business’s revenue was up 6.5% on a year-over-year basis. On average, equities analysts anticipate that Tenet Healthcare will post 22.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Cecil Haney sold 1,300 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $278.03, for a total transaction of $361,439.00. Following the completion of the transaction, the director owned 12,553 shares of the company’s stock, valued at approximately $3,490,110.59. This trade represents a 9.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lisa Foo sold 24,000 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $266.32, for a total transaction of $6,391,680.00. Following the completion of the sale, the executive vice president directly owned 8,053 shares in the company, valued at $2,144,674.96. This represents a 74.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 98,462 shares of company stock valued at $26,788,234. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently made changes to their positions in THC. Manning & Napier Advisors LLC purchased a new stake in shares of Tenet Healthcare in the 2nd quarter worth approximately $168,761,000. Aberdeen Group plc raised its stake in Tenet Healthcare by 4,392.9% during the third quarter. Aberdeen Group plc now owns 845,555 shares of the company’s stock valued at $216,090,000 after buying an additional 826,735 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Tenet Healthcare in the second quarter worth $106,342,000. Arrowstreet Capital Limited Partnership boosted its holdings in Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after acquiring an additional 244,901 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Tenet Healthcare by 535.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 127,677 shares of the company’s stock worth $24,094,000 after acquiring an additional 107,600 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

Tenet Healthcare Corp. (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.