Tenet Healthcare (NYSE:THC) Price Target Raised to $280.00

Key Points

• Robert W. Baird raised Tenet Healthcare’s price target from $210 to $280 while maintaining a neutral rating, implying 15.5% upside. The stock has a Moderate Buy consensus rating and an average target of $263.45.
• Tenet reported quarterly earnings of $6.12 per share, beating estimates of $4.26, while revenue reached $6.04 billion and increased 6.8% year over year.
• Tenet shares opened at $242.42 after rising 4.0%, near their 12-month high of $248.82. Institutional investors own 95.44% of the company, while two directors recently sold shares.

Tenet Healthcare (NYSE:THC - Get Free Report) had its target price boosted by research analysts at Robert W. Baird from $210.00 to $280.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Robert W. Baird's target price would indicate a potential upside of 15.50% from the stock's current price.

Several other analysts have also recently issued reports on the stock. TD Cowen boosted their price objective on shares of Tenet Healthcare from $233.00 to $263.00 and gave the company a "buy" rating in a research note on Monday. Piper Sandler set a $308.00 price target on Tenet Healthcare in a research report on Monday. Guggenheim cut their price objective on Tenet Healthcare from $252.00 to $242.00 and set a "buy" rating on the stock in a report on Monday, July 20th. KeyCorp decreased their target price on Tenet Healthcare from $250.00 to $225.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Finally, Raymond James Financial set a $270.00 price target on shares of Tenet Healthcare in a research report on Monday. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $263.45.

Tenet Healthcare Stock Up 4.0%

THC opened at $242.42 on Tuesday. Tenet Healthcare has a 12 month low of $151.00 and a 12 month high of $248.82. The business has a 50-day moving average of $186.16 and a two-hundred day moving average of $197.79. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.41 and a quick ratio of 1.35. The stock has a market capitalization of $20.88 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 1.61 and a beta of 1.27.

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

Insider Activity

In other Tenet Healthcare news, Director J Robert Kerrey sold 5,638 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $174.52, for a total transaction of $983,943.76. Following the completion of the transaction, the director directly owned 16,804 shares of the company's stock, valued at $2,932,634.08. This trade represents a 25.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nadja West sold 3,000 shares of the business's stock in a transaction dated 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 sale, the director directly owned 24,805 shares of the company's stock, valued at approximately $4,399,166.75. This represents a 10.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.97% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Swedbank AB boosted its position in shares of Tenet Healthcare by 14.7% during the fourth quarter. Swedbank AB now owns 146,133 shares of the company's stock worth $29,040,000 after buying an additional 18,750 shares during the period. Louisiana State Employees Retirement System acquired a new position in Tenet Healthcare during the 1st quarter worth $4,812,000. Hsbc Holdings PLC grew its stake in shares of Tenet Healthcare by 3,478.7% in the fourth quarter. Hsbc Holdings PLC now owns 266,400 shares of the company's stock worth $53,269,000 after purchasing an additional 258,956 shares in the last quarter. Brandywine Global Investment Management LLC raised its stake in shares of Tenet Healthcare by 20.5% during the fourth quarter. Brandywine Global Investment Management LLC now owns 126,248 shares of the company's stock valued at $25,088,000 after purchasing an additional 21,435 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC lifted its holdings in Tenet Healthcare by 235.6% in the fourth quarter. Jackson Creek Investment Advisors LLC now owns 9,032 shares of the company's stock worth $1,795,000 after purchasing an additional 6,341 shares during the period. 95.44% of the stock is currently owned by institutional investors.

About Tenet Healthcare

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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