Tenet Healthcare (NYSE:THC) Receives New Coverage from Analysts at KeyCorp

by · The Cerbat Gem

KeyCorp began coverage on shares of Tenet Healthcare (NYSE:THC – Free Report) in a research note released on Friday morning, Marketbeat reports. The firm issued an overweight rating and a $200.00 price objective on the stock. KeyCorp also issued estimates for Tenet Healthcare’s FY2024 earnings at $10.67 EPS, FY2025 earnings at $11.54 EPS and FY2026 earnings at $13.10 EPS.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald reiterated an overweight rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. Barclays boosted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an overweight rating in a report on Monday, July 29th. Wells Fargo & Company upped their price target on Tenet Healthcare from $145.00 to $175.00 and gave the stock an overweight rating in a report on Tuesday, July 30th. Truist Financial restated a buy rating and issued a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Finally, Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a buy rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $156.06.

Read Our Latest Research Report on THC

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $155.29 on Friday. The business has a 50 day simple moving average of $158.78 and a 200-day simple moving average of $137.31. The stock has a market capitalization of $15.17 billion, a PE ratio of 6.03, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $171.20.

Tenet Healthcare (NYSE:THC – Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Equities analysts predict that Tenet Healthcare will post 10.73 earnings per share for the current year.

Tenet Healthcare declared that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 over the last three months. 0.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its holdings in Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after acquiring an additional 790,684 shares during the period. 8 Knots Management LLC grew its holdings in Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after acquiring an additional 438,033 shares during the period. Acadian Asset Management LLC grew its holdings in Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after acquiring an additional 321,789 shares during the period. Farallon Capital Management LLC grew its holdings in Tenet Healthcare by 70.1% during the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after acquiring an additional 262,600 shares during the period. Finally, Kingdon Capital Management L.L.C. grew its holdings in shares of Tenet Healthcare by 335.8% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 278,700 shares of the company’s stock valued at $29,294,000 after buying an additional 214,750 shares during the period. Institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

(Get Free Report)

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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