Wells Fargo & Company Issues Positive Forecast for Tenet Healthcare (NYSE:THC) Stock Price

Key Points

• Wells Fargo & Company has increased Tenet Healthcare's price target from $195.00 to $200.00, indicating a potential upside of 16.01% from its current stock price.
• Tenet Healthcare reported earnings of $4.02 per share for the last quarter, significantly surpassing analyst expectations of $2.84, with revenue reaching $5.27 billion.
• The company's stock has recently shown an uptick, trading at $172.40, and received a consensus rating of "Moderate Buy" from analysts.

Tenet Healthcare (NYSE:THC - Get Free Report) had its price target upped by equities researchers at Wells Fargo & Company from $195.00 to $200.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 16.01% from the stock's current price.

THC has been the topic of several other research reports. JPMorgan Chase & Co. raised their price objective on shares of Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. UBS Group raised their price objective on shares of Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Stephens upgraded shares of Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Royal Bank Of Canada raised their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group increased their target price on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a report on Monday, May 5th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare has a consensus rating of "Moderate Buy" and a consensus target price of $191.88.

Tenet Healthcare Stock Up 0.3%

THC stock traded up $0.53 during trading on Thursday, reaching $172.40. The stock had a trading volume of 33,096 shares, compared to its average volume of 1,554,161. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $15.23 billion, a price-to-earnings ratio of 11.04, a P/E/G ratio of 0.73 and a beta of 1.52. Tenet Healthcare has a one year low of $109.82 and a one year high of $185.25. The company's 50 day moving average is $167.15 and its two-hundred day moving average is $147.94.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, beating analysts' consensus estimates of $2.84 by $1.18. The company had revenue of $5.27 billion for the quarter, compared to analysts' expectations of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. Tenet Healthcare's revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.31 EPS. Equities research analysts forecast that Tenet Healthcare will post 12.24 EPS for the current year.

Insider Buying and Selling

In other Tenet Healthcare news, Director James L. Bierman sold 4,613 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $170.00, for a total transaction of $784,210.00. Following the completion of the sale, the director directly owned 35,271 shares in the company, valued at approximately $5,996,070. The trade was a 11.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director J Robert Kerrey sold 1,222 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $164.96, for a total transaction of $201,581.12. Following the sale, the director owned 22,377 shares of the company's stock, valued at approximately $3,691,309.92. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,659 shares of company stock worth $7,068,604 over the last ninety days. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of Tenet Healthcare during the first quarter worth $26,000. Chung Wu Investment Group LLC purchased a new position in Tenet Healthcare in the second quarter valued at approximately $35,000. Wayfinding Financial LLC purchased a new position in shares of Tenet Healthcare during the first quarter worth approximately $28,000. SVB Wealth LLC acquired a new stake in Tenet Healthcare in the first quarter valued at $30,000. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Tenet Healthcare during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 95.44% of the company's stock.

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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