Bank of America Raises Tenet Healthcare (NYSE:THC) Price Target to $225.00

Key Points

• Bank of America has raised its price target for Tenet Healthcare (NYSE:THC) to $225.00, suggesting a potential upside of 19.17% from the previous close.
• Despite the positive outlook from Bank of America, other analysts like Wolfe Research downgraded the stock and several others adjusted their ratings, indicating mixed sentiment among analysts.
• Tenet Healthcare recently reported earnings of $4.02 per share, exceeding estimates, with revenues of $5.27 billion, reflecting a 3.2% year-over-year increase.

Tenet Healthcare (NYSE:THC - Get Free Report) had its target price raised by equities research analysts at Bank of America from $205.00 to $225.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's price target indicates a potential upside of 19.17% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Wolfe Research downgraded shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a report on Monday, July 28th. Truist Financial increased their price objective on shares of Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $195.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Guggenheim increased their price objective on shares of Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Barclays dropped their price objective on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $195.50.

Tenet Healthcare Price Performance

Tenet Healthcare stock traded down $7.58 during mid-day trading on Wednesday, hitting $188.81. The stock had a trading volume of 601,914 shares, compared to its average volume of 1,498,770. The firm has a market capitalization of $16.68 billion, a P/E ratio of 12.09, a P/E/G ratio of 0.82 and a beta of 1.55. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. The firm's 50 day moving average is $172.66 and its 200 day moving average is $153.96. Tenet Healthcare has a one year low of $109.82 and a one year high of $199.99.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping the consensus estimate of $2.84 by $1.18. The company had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. Tenet Healthcare's quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.31 EPS. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, sell-side analysts forecast that Tenet Healthcare will post 12.24 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 8,000 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total value of $1,436,240.00. Following the sale, the executive vice president directly owned 20,878 shares of the company's stock, valued at $3,748,227.34. This represents a 27.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher S. Lynch sold 3,952 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total transaction of $697,093.28. Following the transaction, the director directly owned 12,358 shares in the company, valued at approximately $2,179,827.62. This trade represents a 24.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,960 shares of company stock worth $2,134,801 over the last three months. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Tenet Healthcare in the first quarter valued at approximately $26,000. Wayfinding Financial LLC acquired a new stake in shares of Tenet Healthcare during the first quarter worth $28,000. SVB Wealth LLC acquired a new stake in shares of Tenet Healthcare during the first quarter worth $30,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Tenet Healthcare during the first quarter worth $31,000. Finally, Brooklyn Investment Group lifted its stake in shares of Tenet Healthcare by 908.7% during the first quarter. Brooklyn Investment Group now owns 232 shares of the company's stock worth $31,000 after buying an additional 209 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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