Tenet Healthcare (NYSE:THC) Given New $300.00 Price Target at KeyCorp

Key Points

• KeyCorp raised Tenet Healthcare’s price target to $300 from $270 and maintained an “overweight” rating, implying approximately 11.6% upside from the reported share price.
• Analyst sentiment remains favorable: 18 analysts rate the stock “Buy” and three rate it “Hold,” producing a consensus “Moderate Buy” rating and an average price target of $289.84.
• Tenet’s latest quarter exceeded expectations, with EPS of $6.64 versus the $4.68 consensus and revenue of $6.28 billion versus $5.49 billion; quarterly revenue increased 6.5% year over year.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price objective hoisted by KeyCorp from $270.00 to $300.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price target suggests a potential upside of 11.57% from the company's current price.

Several other equities analysts also recently commented on the company. Guggenheim dropped their price objective on Tenet Healthcare from $307.00 to $306.00 and set a "buy" rating on the stock in a research note on Friday. Weiss Ratings raised Tenet Healthcare from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Barclays boosted their target price on Tenet Healthcare from $240.00 to $271.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Wall Street Zen upgraded Tenet Healthcare from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 17th. Finally, TD Cowen lifted their price objective on Tenet Healthcare from $233.00 to $263.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $289.84.

Tenet Healthcare Trading Down 1.6%

NYSE THC opened at $268.89 on Tuesday. The business's fifty day moving average is $264.61 and its 200-day moving average is $220.69. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.41 and a quick ratio of 1.35. The stock has a market capitalization of $21.65 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 1.02 and a beta of 1.20. Tenet Healthcare has a one year low of $157.58 and a one year high of $283.05.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $6.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.68 by $1.96. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $5.49 billion. Tenet Healthcare had a net margin of 10.27% and a return on equity of 26.76%. The firm's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $3.70 earnings per share. Equities research analysts predict that Tenet Healthcare will post 21.98 EPS for the current year.

Insider Activity

In related news, Director J. Robert Kerrey sold 12,010 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the sale, the director owned 4,794 shares of the company's stock, valued at approximately $1,264,273.68. This represents a 71.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Nadja West sold 1,152 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $258.80, for a total value of $298,137.60. Following the completion of the transaction, the director owned 23,653 shares of the company's stock, valued at approximately $6,121,396.40. This represents a 4.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 106,484 shares of company stock valued at $28,898,063. 0.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of large investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC grew its position in Tenet Healthcare by 1.7% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 2,468 shares of the company's stock worth $631,000 after acquiring an additional 42 shares during the last quarter. PeakShares LLC grew its holdings in shares of Tenet Healthcare by 3.3% in the first quarter. PeakShares LLC now owns 1,693 shares of the company's stock worth $319,000 after purchasing an additional 54 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Tenet Healthcare by 0.5% in the first quarter. Sanctuary Advisors LLC now owns 11,900 shares of the company's stock worth $2,246,000 after purchasing an additional 57 shares during the last quarter. Applied Finance Capital Management LLC increased its stake in shares of Tenet Healthcare by 3.8% in the first quarter. Applied Finance Capital Management LLC now owns 1,644 shares of the company's stock worth $310,000 after buying an additional 60 shares during the period. Finally, MGO One Seven LLC increased its stake in shares of Tenet Healthcare by 2.5% in the third quarter. MGO One Seven LLC now owns 2,566 shares of the company's stock worth $656,000 after buying an additional 63 shares during the period. 95.44% of the stock is currently owned by institutional investors.

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.

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