Tenet Healthcare (NYSE:THC) had its target price upped by equities researchers at Credit Suisse Group from $58.00 to $71.00 in a report released on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Credit Suisse Group's price objective suggests a potential upside of 25.75% from the company's current price.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research downgraded Tenet Healthcare from a "buy" rating to a "hold" rating and set a $55.00 target price on the stock. in a research note on Tuesday, February 9th. Raymond James raised their price target on Tenet Healthcare from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, January 14th. Jefferies Financial Group raised shares of Tenet Healthcare from a "hold" rating to a "buy" rating and boosted their price objective for the company from $27.00 to $60.00 in a research note on Friday, January 8th. Truist Securities upped their target price on Tenet Healthcare from $56.00 to $60.00 in a research note on Thursday, April 22nd. Finally, Mizuho upped their target price on shares of Tenet Healthcare from $48.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, April 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The company has an average rating of "Buy" and a consensus price target of $51.58.
Shares of THC opened at $56.46 on Wednesday. The stock has a market capitalization of $6.01 billion, a P/E ratio of -434.31, a price-to-earnings-growth ratio of 8.49 and a beta of 2.66. The company has a current ratio of 1.34, a quick ratio of 1.28 and a debt-to-equity ratio of 29.81. The firm's fifty day simple moving average is $53.40 and its two-hundred day simple moving average is $43.37. Tenet Healthcare has a 12 month low of $15.19 and a 12 month high of $57.88.
Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Monday, April 19th. The company reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.50. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The business had revenue of $4.78 billion during the quarter, compared to analysts' expectations of $4.73 billion. During the same period last year, the company posted $1.28 earnings per share. The business's quarterly revenue was up 5.8% on a year-over-year basis. As a group, research analysts predict that Tenet Healthcare will post 4.27 EPS for the current fiscal year.
In other news, CFO Daniel J. Cancelmi sold 143,602 shares of the business's stock in a transaction that occurred on Friday, March 12th. The stock was sold at an average price of $55.29, for a total value of $7,939,754.58. Following the sale, the chief financial officer now directly owns 399,500 shares of the company's stock, valued at approximately $22,088,355. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Glenview Capital Management, L sold 122,090 shares of the firm's stock in a transaction that occurred on Wednesday, April 21st. The shares were sold at an average price of $55.32, for a total value of $6,754,018.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,836,392 shares of company stock worth $151,959,533. Company insiders own 1.70% of the company's stock.
A number of institutional investors have recently modified their holdings of the business. Eudaimonia Partners LLC bought a new position in shares of Tenet Healthcare in the third quarter worth approximately $25,000. Carolina Wealth Advisors LLC purchased a new stake in Tenet Healthcare during the 1st quarter valued at $62,000. Sowell Financial Services LLC purchased a new position in shares of Tenet Healthcare in the fourth quarter worth $80,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Tenet Healthcare during the fourth quarter valued at $120,000. Finally, Convergence Investment Partners LLC bought a new stake in Tenet Healthcare in the 4th quarter worth about $227,000. 93.13% of the stock is owned by institutional investors and hedge funds.
About Tenet Healthcare
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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