Guggenheim Issues Positive Forecast for Tenet Healthcare (NYSE:THC) Stock Price

Key Points

• Guggenheim raised its Tenet Healthcare price target from $242 to $283 and maintained a “buy” rating, implying 16.74% potential upside from the previous close.
• Analyst sentiment remains broadly positive: 17 analysts rate the stock a Buy and three rate it Hold, producing a “Moderate Buy” consensus and an average price target of $263.45.
• Tenet reported stronger-than-expected quarterly results, with adjusted EPS of $6.12 versus the $4.26 consensus and revenue of $6.04 billion, up 6.8% year over year. Institutional investors own 95.44% of the company, while two directors recently sold shares.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price objective lifted by stock analysts at Guggenheim from $242.00 to $283.00 in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm presently has a "buy" rating on the stock. Guggenheim's target price would indicate a potential upside of 16.74% from the company's previous close.

Other equities analysts also recently issued research reports about the stock. KeyCorp lowered their price target on shares of Tenet Healthcare from $250.00 to $225.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. UBS Group raised their price objective on shares of Tenet Healthcare from $288.00 to $308.00 and gave the company a "buy" rating in a research report on Monday. Piper Sandler set a $308.00 target price on shares of Tenet Healthcare in a report on Monday. Barclays raised their price target on Tenet Healthcare from $240.00 to $271.00 and gave the company an "overweight" rating in a report on Friday. Finally, Weiss Ratings cut Tenet Healthcare from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, June 2nd. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $263.45.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock opened at $242.42 on Tuesday. The stock has a market cap of $20.88 billion, a P/E ratio of 9.35, a P/E/G ratio of 1.61 and a beta of 1.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.35 and a current ratio of 1.41. The stock's fifty day moving average is $186.16 and its 200 day moving average is $197.79. Tenet Healthcare has a one year low of $151.00 and a one year high of $248.82.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Friday, July 24th. The company reported $6.12 EPS for the quarter, topping analysts' consensus estimates of $4.26 by $1.86. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The business had revenue of $6.04 billion during the quarter, compared to analysts' expectations of $5.43 billion. During the same quarter in the prior year, the business posted $4.02 earnings per share. The business's quarterly revenue was up 6.8% on a year-over-year basis. Sell-side analysts anticipate that Tenet Healthcare will post 21 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Nadja West sold 3,000 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $177.35, for a total value of $532,050.00. Following the completion of the transaction, the director directly owned 24,805 shares of the company's stock, valued at approximately $4,399,166.75. This trade represents a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director J Robert Kerrey sold 5,638 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $174.52, for a total transaction of $983,943.76. Following the completion of the sale, the director owned 16,804 shares in the company, valued at $2,932,634.08. This represents a 25.12% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several large investors have recently added to or reduced their stakes in THC. PeakShares LLC raised its position in Tenet Healthcare by 3.3% during the first quarter. PeakShares LLC now owns 1,693 shares of the company's stock valued at $319,000 after purchasing an additional 54 shares during the period. Sanctuary Advisors LLC increased its position in shares of Tenet Healthcare by 0.5% during the 1st quarter. Sanctuary Advisors LLC now owns 11,900 shares of the company's stock valued at $2,246,000 after purchasing an additional 57 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Tenet Healthcare by 0.7% in the fourth quarter. Quadrant Capital Group LLC now owns 8,134 shares of the company's stock worth $1,616,000 after buying an additional 58 shares during the last quarter. Applied Finance Capital Management LLC boosted its stake in Tenet Healthcare by 3.8% during 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, Syon Capital LLC increased its position in Tenet Healthcare by 5.3% during the fourth quarter. Syon Capital LLC now owns 1,254 shares of the company's stock valued at $249,000 after acquiring an additional 63 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation NYSE: THC is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet's operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.

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