Tenet Healthcare (NYSE:THC) Price Target Raised to $290.00 at Truist Financial

Key Points

• Truist Financial raised Tenet Healthcare’s price target to $290 from $270 and maintained a “buy” rating, implying 15.59% potential upside from the reported $250.89 share price.
• Analyst sentiment remains favorable: 17 analysts rate the stock a Buy and three a Hold, resulting in a “Moderate Buy” consensus and an average price target of $264.45.
• Tenet reported strong quarterly results, with EPS of $6.12 versus the $4.26 consensus and revenue of $6.04 billion, up 6.8% year over year; however, two directors recently sold shares.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price objective hoisted by Truist Financial from $270.00 to $290.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 15.59% from the company's current price.

A number of other brokerages have also recently weighed in on THC. Barclays boosted their price target on Tenet Healthcare from $240.00 to $271.00 and gave the stock an "overweight" rating in a research report on Friday. KeyCorp lowered their price target on Tenet Healthcare from $250.00 to $225.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Robert W. Baird upped their price objective on shares of Tenet Healthcare from $210.00 to $280.00 and gave the stock a "neutral" rating in a report on Tuesday. UBS Group lifted their target price on Tenet Healthcare from $288.00 to $308.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Royal Bank Of Canada boosted their price target on shares of Tenet Healthcare from $236.00 to $283.00 and gave the company an "outperform" rating in a report on Monday. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $264.45.

Tenet Healthcare Trading Up 3.1%

NYSE:THC opened at $250.89 on Tuesday. 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 company has a market capitalization of $21.61 billion, a P/E ratio of 9.57, a P/E/G ratio of 1.61 and a beta of 1.27. The stock's 50 day moving average price is $186.16 and its 200 day moving average price is $197.79. Tenet Healthcare has a 52 week low of $155.02 and a 52 week high of $248.82.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The company reported $6.12 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 company had revenue of $6.04 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the prior year, the business posted $4.02 EPS. Tenet Healthcare's quarterly revenue was up 6.8% on a year-over-year basis. On average, research analysts forecast that Tenet Healthcare will post 21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Nadja West sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $177.35, for a total transaction 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 represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 transaction, the director owned 16,804 shares in the company, valued at approximately $2,932,634.08. The trade was a 25.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wedge Capital Management L L P NC lifted its stake in Tenet Healthcare by 37.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 221,453 shares of the company's stock valued at $41,429,000 after purchasing an additional 60,478 shares during the last quarter. Polianta Ltd bought a new stake in Tenet Healthcare in the second quarter valued at approximately $2,001,000. Gradient Investments LLC bought a new position in shares of Tenet Healthcare during the 2nd quarter worth approximately $1,630,000. Baron Wealth Management LLC increased its holdings in shares of Tenet Healthcare by 15.6% during the 2nd quarter. Baron Wealth Management LLC now owns 1,289 shares of the company's stock worth $241,000 after acquiring an additional 174 shares during the last quarter. Finally, BDF Gestion bought a new stake in Tenet Healthcare in the 2nd quarter valued at $1,673,000. 95.44% of the stock is 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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