Tenet Healthcare (NYSE:THC) Stock Price Expected to Rise, Bank of America Analyst Says

Tenet Healthcare (NYSE:THC) had its price target increased by Bank of America from $165.00 to $180.00 in a research report report published on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on THC. Truist Financial upped their price objective on shares of Tenet Healthcare from $175.00 to $190.00 and gave the company a “buy” rating in a research note on Monday. UBS Group increased their price target on shares of Tenet Healthcare from $217.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Morgan Stanley upped their price target on shares of Tenet Healthcare from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Guggenheim started coverage on Tenet Healthcare in a report on Wednesday, April 9th. They set a “buy” rating and a $165.00 price objective for the company. Finally, Barclays increased their price target on shares of Tenet Healthcare from $161.00 to $171.00 and gave the company an “overweight” rating in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.94.

Tenet Healthcare Price Performance

THC stock opened at $159.32 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The company has a market capitalization of $14.80 billion, a PE ratio of 4.94, a P/E/G ratio of 1.02 and a beta of 1.63. The business’s fifty day moving average price is $131.24 and its 200 day moving average price is $136.25. Tenet Healthcare has a 12-month low of $109.82 and a 12-month high of $171.20.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, topping the consensus estimate of $3.11 by $1.25. The firm had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. Tenet Healthcare’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.22 EPS. On average, sell-side analysts anticipate that Tenet Healthcare will post 12.24 EPS for the current year.

Insider Activity at Tenet Healthcare

In related news, Director J Robert Kerrey sold 9,525 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the sale, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. This represents a 25.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by insiders.

Institutional Trading of Tenet Healthcare

Several large investors have recently bought and sold shares of the company. Nuveen LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at approximately $218,549,000. Ameriprise Financial Inc. lifted its holdings in Tenet Healthcare by 348.4% in the first quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company’s stock worth $263,905,000 after acquiring an additional 1,524,642 shares during the last quarter. Norges Bank bought a new position in Tenet Healthcare during the 4th quarter worth $190,819,000. Boston Partners grew its position in shares of Tenet Healthcare by 692.9% during the first quarter. Boston Partners now owns 1,162,642 shares of the company’s stock worth $156,318,000 after acquiring an additional 1,016,010 shares during the last quarter. Finally, Wealthfront Advisers LLC bought a new stake in shares of Tenet Healthcare during the fourth quarter valued at approximately $69,059,000. Institutional investors and hedge funds 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.