Tenet Healthcare (NYSE:THC) Given New $304.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised Tenet Healthcare’s price target to $304 from $283 while maintaining an “outperform” rating, implying 17.33% upside from the prior close.
• Analyst sentiment remains favorable: 18 analysts rate the stock a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average target of $284.16.
• Tenet reported strong quarterly results, with EPS of $6.64 versus the $4.68 consensus estimate and revenue of $6.28 billion versus $5.49 billion expected; however, the stock fell 5.2% to $259.10 in Monday trading.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price target upped by equities researchers at Royal Bank Of Canada from $283.00 to $304.00 in a report issued on Monday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 17.33% from the stock's previous close.

Several other research analysts have also recently weighed in on THC. Leerink Partners reiterated an "outperform" rating and set a $309.00 price target on shares of Tenet Healthcare in a research note on Friday, September 18th. Truist Financial raised their target price on shares of Tenet Healthcare from $270.00 to $290.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Cantor Fitzgerald reissued an "overweight" rating on shares of Tenet Healthcare in a research note on Friday, October 2nd. UBS Group upped their price target on shares of Tenet Healthcare from $288.00 to $308.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Finally, Stephens reissued an "overweight" rating and issued a $285.00 price objective on shares of Tenet Healthcare in a research note on Monday, July 27th. Eighteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $284.16.

Tenet Healthcare Stock Down 5.2%

THC stock traded down $14.15 during midday trading on Monday, hitting $259.10. The company's stock had a trading volume of 215,039 shares, compared to its average volume of 1,114,773. Tenet Healthcare has a 12 month low of $157.58 and a 12 month high of $283.05. The firm's 50-day moving average is $264.85 and its 200-day moving average is $220.34. 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 $20.62 billion, a PE ratio of 7.54, a P/E/G ratio of 1.03 and a beta of 1.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $6.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.68 by $1.96. The firm had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $5.49 billion. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The business's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $3.70 EPS. On average, equities research analysts forecast that Tenet Healthcare will post 21.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 50,000 shares of Tenet Healthcare stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $278.71, for a total value of $13,935,500.00. Following the completion of the sale, the chief executive officer directly owned 483,564 shares in the company, valued at $134,774,122.44. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Nadja West sold 1,152 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $258.80, for a total transaction of $298,137.60. Following the sale, the director directly owned 23,653 shares in the company, valued at $6,121,396.40. This trade represents a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 106,484 shares of company stock valued at $28,898,063. 0.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Tenet Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Talon Private Wealth LLC grew its stake in Tenet Healthcare by 35.4% in the 2nd quarter. Talon Private Wealth LLC now owns 23,097 shares of the company's stock valued at $4,321,000 after acquiring an additional 6,044 shares during the period. CX Institutional acquired a new stake in Tenet Healthcare in the 3rd quarter valued at about $6,415,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Tenet Healthcare in the third quarter valued at approximately $9,593,000. Public Employees Retirement System of Ohio purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth $10,144,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Tenet Healthcare in the 2nd quarter valued at about $5,504,000. Institutional investors and hedge funds 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.

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