Tenet Healthcare (NYSE:THC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised Tenet Healthcare's price target from $190.00 to $200.00, indicating a potential upside of 23.59% from its previous close and maintaining an "overweight" rating on the stock.
• Recent earnings revealed that Tenet Healthcare reported an EPS of $4.02 for the last quarter, significantly surpassing the consensus estimate of $2.84 and reflecting a 3.2% year-over-year revenue growth.
• Currently, Tenet Healthcare has a consensus rating of Moderate Buy from analysts, with a total of four hold ratings, fourteen buy ratings, and two strong buy ratings assigned to the stock.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $190.00 to $200.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 23.59% from the company's previous close.

A number of other equities analysts also recently weighed in on the company. Stephens raised Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Baird R W downgraded Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Barclays dropped their price objective on Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Finally, Wolfe Research cut Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research note on Monday, July 28th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of "Moderate Buy" and an average price target of $191.56.

Tenet Healthcare Trading Up 2.4%

Shares of THC stock traded up $3.73 on Monday, reaching $161.82. The company had a trading volume of 189,477 shares, compared to its average volume of 1,595,179. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. The company has a 50-day moving average of $167.58 and a 200-day moving average of $146.42. Tenet Healthcare has a 12 month low of $109.82 and a 12 month high of $185.25. The stock has a market cap of $14.30 billion, a PE ratio of 10.36, a PEG ratio of 0.67 and a beta of 1.52.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating 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 business 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 firm earned $2.31 EPS. Tenet Healthcare's quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities analysts forecast that Tenet Healthcare will post 12.24 earnings per share for the current year.

Insider Activity

In related news, Director Richard W. Fisher sold 3,077 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $165.72, for a total value of $509,920.44. Following the transaction, the director owned 12,128 shares in the company, valued at approximately $2,009,852.16. This trade represents a 20.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas W. Arnst sold 9,786 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total value of $1,624,476.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,121 shares of company stock worth $8,846,305. Corporate insiders own 0.81% of the company's stock.

Institutional Trading of Tenet Healthcare

Several large investors have recently bought and sold shares of THC. Massachusetts Financial Services Co. MA acquired a new stake in Tenet Healthcare in the fourth quarter valued at about $2,155,000. Prudential PLC boosted its stake in Tenet Healthcare by 0.7% in the fourth quarter. Prudential PLC now owns 15,344 shares of the company's stock valued at $1,937,000 after buying an additional 107 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Tenet Healthcare by 579.2% in the fourth quarter. Renaissance Technologies LLC now owns 438,563 shares of the company's stock valued at $55,360,000 after buying an additional 373,988 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Tenet Healthcare by 69.7% during the fourth quarter. Advisory Services Network LLC now owns 5,851 shares of the company's stock valued at $739,000 after purchasing an additional 2,403 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Tenet Healthcare during the fourth quarter valued at about $49,001,000. 95.44% of the stock is owned by institutional investors and hedge funds.

About Tenet Healthcare

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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