Tenet Healthcare (NYSE:THC) Price target raised to $111.00

Tenet Healthcare (NYSE:THC) saw its target price raised by Credit Suisse Group equity researchers from $109.00 to $111.00 in a research note released Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Credit Suisse Group’s price target would suggest a potential upside of 39.59% from the company’s previous close.

THC has been the subject of several other research reports. SVB Leerink upgraded shares of Tenet Healthcare from a “market performer” rating to an “outperformer” rating and raised its price target for the stock from $88.00 to $100.00 in a research report Wednesday. Raymond James took shares of Tenet Healthcare from an ‘outperform’ rating to a ‘strong buy’ rating and raised his price target for the company from $105.00 to $120.00 in a note. research on Thursday, January 20. Barclays raised its price target on shares of Tenet Healthcare from $87.00 to $99.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial moved shares of Tenet Healthcare from a “hold” rating to a “buy” rating and set a price target of $90.00 on the stock in a research report on Wednesday. Finally, Citigroup raised its price target on shares of Tenet Healthcare from $88.00 to $91.00 and gave the stock a “buy” rating in a Monday, October 25 report. Three equity research analysts gave the stock a hold rating, twelve gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $91.14.

THC stock traded at $5.45 at midday Wednesday, hitting $79.52. The company had a trading volume of 19,948 shares, compared to an average volume of 1,260,217 shares. Tenet Healthcare has a 1-year minimum of $48.20 and a 1-year maximum of $83.69. The company has a debt ratio of 8.57, a current ratio of 1.28 and a quick ratio of 1.21. The stock has a market capitalization of $8.52 billion, a P/E ratio of 8.01, a P/E/G ratio of 7.44 and a beta of 2.56. The company’s 50-day moving average price is $76.44.

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Tenet Healthcare Inc (NYSE:THC) last released its quarterly results on Monday, February 7. The company reported earnings per share (EPS) of $2.70 for the quarter, beating the consensus estimate of $1.49 by $1.21. The company posted revenue of $4.86 billion for the quarter, compared to analyst estimates of $5.01 billion. Tenet Healthcare had a net margin of 5.52% and a return on equity of 58.52%. The company’s quarterly revenue was down 1.2% year over year. During the same period last year, the company posted EPS of $1.56. As a group, equity research analysts expect Tenet Healthcare to post EPS of 6.44 for the current year.

In other Tenet Healthcare news, Executive Vice President Audrey T. Andrews sold 56,626 shares of Tenet Healthcare in a trade that took place on Friday, November 12. The shares were sold at an average price of $78.46, for a total value of $4,442,875.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Additionally, Chairman Ronald A. Rittenmeyer sold 29,974 shares of the company in a transaction on Monday, November 15. The stock was sold at an average price of $80.38, for a total transaction of $2,409,310.12. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 139,564 shares of the company valued at $10,978,279. 1.60% of the shares are held by insiders.

Institutional investors have recently increased or reduced their stake in the stock. Invesco Ltd. increased its holdings in Tenet Healthcare by 78.1% in Q3. Invesco Ltd. now owns 4,624,002 shares of the company valued at $307,219,000 after purchasing an additional 2,027,131 shares last quarter. Viking Global Investors LP increased its position in shares of Tenet Healthcare by 47.2% during the third quarter. Viking Global Investors LP now owns 3,353,856 shares of the company worth $222,830,000 after purchasing an additional 1,074,674 shares in the last quarter. Victory Capital Management Inc. increased its stake in Tenet Healthcare by 103.8% during the fourth quarter. Victory Capital Management Inc. now owns 1,016,446 shares of the company worth $83,034,000 after acquiring an additional 517,737 shares during the period. Morgan Stanley increased its position in Tenet Healthcare by 356.8% in Q2. Morgan Stanley now owns 581,666 shares of the company worth $38,965,000 after buying an additional 454,329 shares in the last quarter. Finally, Canyon Capital Advisors LLC increased its holdings of Tenet Healthcare shares by 43.3% in the third quarter. Canyon Capital Advisors LLC now owns 1,488,700 shares of the company valued at $98,909,000 after acquiring an additional 450,100 shares last quarter. 93.38% of the shares are currently held by institutional investors.

Company Profile Tenet Healthcare

Tenet Healthcare Corp. engages in the provision of health care services. It operates through the following segments: Hospital and Other Operations, Ambulatory Care and Conifers. The Hospital and Other Operations segment includes acute care hospitals, ancillary ambulatory care facilities, urgent care centers, micro hospitals and medical practices.

Further reading

Analyst Recommendations for Tenet Healthcare (NYSE:THC)

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