Tenet Healthcare’s (THC) Buy Rating Reiterated at Truist Financial

Truist Financial reiterated their buy rating on shares of Tenet Healthcare (NYSE:THC) in a research report report published on Tuesday,Benzinga reports. Truist Financial currently has a $305.00 price target on the stock, up from their prior price target of $290.00.

THC has been the subject of a number of other reports. Raymond James Financial reissued an “outperform” rating and set a $285.00 price objective on shares of Tenet Healthcare in a report on Friday, August 14th. Piper Sandler set a $308.00 target price on Tenet Healthcare in a report on Monday, July 27th. Robert W. Baird lifted their target price on Tenet Healthcare from $210.00 to $280.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Mizuho set a $305.00 price target on Tenet Healthcare in a report on Monday. Finally, Morgan Stanley increased their price target on Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Twenty equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Moderate Buy” and a consensus price target of $293.48.

Tenet Healthcare Stock Performance

NYSE THC opened at $286.89 on Tuesday. The company has a fifty day simple moving average of $265.00 and a 200 day simple moving average of $221.94. Tenet Healthcare has a 12-month low of $157.58 and a 12-month high of $301.44. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76. The company has a market cap of $22.83 billion, a P/E ratio of 8.32, a PEG ratio of 1.56 and a beta of 1.20.

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 net margin of 13.09% and a return on equity of 28.22%. The firm had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter in the prior year, the company posted $3.70 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Sell-side analysts predict that Tenet Healthcare will post 22.32 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Cecil D. Haney sold 1,300 shares of the stock in a transaction that occurred 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 sale, the director directly 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 legal filing with the SEC, which can be accessed through this link. Also, CEO Saumya Sutaria sold 50,000 shares of Tenet Healthcare stock in a transaction on Monday, August 24th. The stock was sold at an average price of $278.71, for a total value of $13,935,500.00. Following the sale, the chief executive officer owned 483,564 shares in the company, valued at $134,774,122.44. This trade represents a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 98,462 shares of company stock worth $26,788,234. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of Tenet Healthcare

Large investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC purchased a new position in shares of Tenet Healthcare in the 3rd quarter worth about $26,000. Mather Group LLC. raised its holdings in shares of Tenet Healthcare by 126.9% during the 3rd quarter. Mather Group LLC. now owns 118 shares of the company’s stock valued at $30,000 after buying an additional 66 shares in the last quarter. Trust Co. of Vermont purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at about $37,000. MADDEN SECURITIES Corp bought a new stake in Tenet Healthcare in the 3rd quarter worth approximately $38,000. Finally, Compass Financial Management LLC bought a new stake in Tenet Healthcare in the 2nd quarter worth approximately $57,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Key Stories Impacting Tenet Healthcare

Here are the key news stories impacting Tenet Healthcare this week:

• Positive Sentiment: Truist Financial reaffirmed its “Buy” rating on Tenet, signaling continued confidence in the company. Tenet Healthcare Stock Rating Reaffirmed as Buy by Truist Financial
• Positive Sentiment: KeyCorp, Wells Fargo, Leerink Partners and Royal Bank of Canada were also reported to expect potential appreciation in Tenet shares, adding to the positive analyst tone. KeyCorp Forecasts Strong Price Appreciation Wells Fargo Analyst Expects Tenet Stock to Rise Leerink Partners Forecasts Price Appreciation Royal Bank of Canada Forecasts Price Appreciation
• Positive Sentiment: Barclays raised its price target to $297 from $271 and maintained an “overweight” rating. The revised target suggests approximately 3.5% upside from the cited share price. Barclays Raises Tenet Price Target
• Neutral Sentiment: A report linked a sharp hospital-stock rally to investor expectations of policy relief after Democrats took Congress. Any benefit for Tenet is uncertain: the article notes that action would still require congressional approval, a presidential signature and resolution of a December funding fight. Hospital Stocks Soared as Democrats Took Congress
• Neutral Sentiment: Zacks described THC as a trending stock but offered general information rather than a distinct new company catalyst. Tenet Healthcare Is a Trending Stock

Tenet Healthcare Company Profile

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.