Tenet Healthcare (NYSE:THC) Price Target Raised to $55.00

Friday, April 9, 2021 | MarketBeat

Tenet Healthcare (NYSE:THC) had its target price increased by equities research analysts at Mizuho from $48.00 to $55.00 in a research report issued on Friday, The Fly reports. The brokerage currently has a "buy" rating on the stock. Mizuho's price objective suggests a potential upside of 8.33% from the company's previous close.

Several other equities analysts also recently issued reports on THC. Raymond James boosted their price target on shares of Tenet Healthcare from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Thursday, January 14th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price target on shares of Tenet Healthcare from $33.00 to $50.00 in a report on Friday, December 11th. Zacks Investment Research downgraded shares of Tenet Healthcare from a "buy" rating to a "hold" rating and set a $55.00 price target for the company. in a report on Tuesday, February 9th. Barclays boosted their price target on shares of Tenet Healthcare from $28.00 to $46.00 and gave the company an "equal weight" rating in a report on Friday, December 11th. Finally, Citigroup boosted their price target on shares of Tenet Healthcare from $50.00 to $58.00 in a report on Thursday, February 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. Tenet Healthcare presently has an average rating of "Buy" and a consensus price target of $44.89.

Tenet Healthcare stock opened at $50.77 on Friday. The company has a market cap of $5.41 billion, a PE ratio of -390.54, a P/E/G ratio of 8.49 and a beta of 2.66. The company has a fifty day moving average price of $52.75 and a two-hundred day moving average price of $40.64. The company has a debt-to-equity ratio of 29.81, a current ratio of 1.34 and a quick ratio of 1.28. Tenet Healthcare has a 12 month low of $15.19 and a 12 month high of $57.88.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Monday, February 8th. The company reported $4.72 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $3.62. The firm had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.89 billion. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The firm's revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.99 earnings per share. Equities research analysts anticipate that Tenet Healthcare will post 4.27 earnings per share for the current year.

In other news, major shareholder Glenview Capital Management, L sold 2,500,000 shares of the stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $53.30, for a total value of $133,250,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel J. Cancelmi sold 70,700 shares of the stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $56.80, for a total transaction of $4,015,760.00. Following the completion of the transaction, the chief financial officer now owns 399,500 shares of the company's stock, valued at $22,691,600. The disclosure for this sale can be found here. Insiders sold 2,714,302 shares of company stock valued at $145,205,515 over the last quarter. Insiders own 1.70% of the company's stock.

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Tenet Healthcare by 2.5% during the fourth quarter. BlackRock Inc. now owns 12,191,094 shares of the company's stock worth $486,790,000 after buying an additional 295,744 shares in the last quarter. FMR LLC boosted its holdings in Tenet Healthcare by 13.7% during the first quarter. FMR LLC now owns 1,785,117 shares of the company's stock worth $51,483,000 after buying an additional 215,600 shares in the last quarter. Norges Bank bought a new stake in Tenet Healthcare during the fourth quarter worth approximately $51,084,000. Charles Schwab Investment Management Inc. boosted its holdings in Tenet Healthcare by 15.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,045,534 shares of the company's stock worth $41,749,000 after buying an additional 141,852 shares in the last quarter. Finally, PFM Health Sciences LP boosted its holdings in Tenet Healthcare by 17.2% during the fourth quarter. PFM Health Sciences LP now owns 986,019 shares of the company's stock worth $39,372,000 after buying an additional 144,825 shares in the last quarter. Hedge funds and other institutional investors own 93.13% of the company's stock.

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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