Robert W. Baird Cuts Tenet Healthcare (NYSE:THC) Price Target to $167.00

Key Points

• Robert W. Baird has reduced the price target for Tenet Healthcare from $195.00 to $167.00, indicating a potential upside of 12.85% based on the company's previous close.
• Other analysts, such as Mizuho and Raymond James Financial, have set higher target prices, with the consensus price target for Tenet Healthcare currently at $188.88.
• Tenet Healthcare's stock has declined by 6.5% recently, opening at $147.99, and the company reported strong earnings, topping analysts' estimates with $4.02 EPS last quarter.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price target reduced by research analysts at Robert W. Baird from $195.00 to $167.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Robert W. Baird's price objective would indicate a potential upside of 12.85% from the company's previous close.

Several other equities research analysts have also weighed in on the company. Mizuho boosted their target price on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Raymond James Financial restated an "outperform" rating and issued a $200.00 target price (up from $185.00) on shares of Tenet Healthcare in a report on Wednesday. Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $150.00 to $195.00 in a report on Thursday, May 29th. Bank of America upped their price target on Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Finally, Truist Financial upped their price target on Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $188.88.

Tenet Healthcare Stock Down 6.5%

Shares of Tenet Healthcare stock opened at $147.99 on Friday. The firm has a market cap of $13.75 billion, a price-to-earnings ratio of 9.47, a P/E/G ratio of 0.81 and a beta of 1.64. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.70. Tenet Healthcare has a 52-week low of $109.82 and a 52-week high of $185.25. The stock has a 50-day simple moving average of $168.42 and a 200-day simple moving average of $145.02.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted 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. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The firm had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same period in the previous year, the company earned $2.31 EPS. The company's revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities research analysts expect that Tenet Healthcare will post 12.24 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 1,222 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $164.96, for a total value of $201,581.12. Following the sale, the director directly owned 22,377 shares in the company, valued at $3,691,309.92. This represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James L. Bierman sold 4,613 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $170.00, for a total value of $784,210.00. Following the completion of the sale, the director owned 35,271 shares in the company, valued at $5,996,070. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,121 shares of company stock valued at $8,846,305. 0.81% of the stock is owned by insiders.

Institutional Trading of Tenet Healthcare

Several large investors have recently made changes to their positions in the business. Blue Trust Inc. grew its holdings in shares of Tenet Healthcare by 58.5% during the second quarter. Blue Trust Inc. now owns 271 shares of the company's stock worth $48,000 after purchasing an additional 100 shares during the last quarter. Live Oak Investment Partners bought a new stake in shares of Tenet Healthcare during the second quarter worth $1,478,000. Venturi Wealth Management LLC bought a new stake in shares of Tenet Healthcare during the second quarter worth $221,000. Belpointe Asset Management LLC grew its holdings in shares of Tenet Healthcare by 54.1% during the second quarter. Belpointe Asset Management LLC now owns 3,062 shares of the company's stock worth $539,000 after purchasing an additional 1,075 shares during the last quarter. Finally, Chung Wu Investment Group LLC bought a new position in Tenet Healthcare in the second quarter valued at about $35,000. Institutional investors own 95.44% of the company's stock.

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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