Tenet Healthcare (NYSE:THC) Upgraded to “Strong-Buy” at KeyCorp

KeyCorp upgraded shares of Tenet Healthcare (NYSE:THC) to a strong-buy rating in a research report report published on Thursday morning, Zacks.com reports.

THC has been the topic of a number of other research reports. UBS Group lifted their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a buy rating in a research report on Wednesday, August 14th. Raymond James boosted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a strong-buy rating in a research report on Thursday, July 25th. Truist Financial reaffirmed a buy rating and set a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Cantor Fitzgerald reaffirmed an overweight rating and set a $168.00 target price on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $155.47.

Tenet Healthcare Stock Performance

Shares of THC opened at $155.82 on Thursday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The stock has a market cap of $14.93 billion, a price-to-earnings ratio of 5.72, a PEG ratio of 0.78 and a beta of 2.14. The company has a 50-day moving average of $158.58 and a two-hundred day moving average of $136.95. Tenet Healthcare has a one year low of $51.04 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. The business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, equities research analysts expect that Tenet Healthcare will post 10.73 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after acquiring an additional 90 shares during the period. EverSource Wealth Advisors LLC raised its stake in Tenet Healthcare by 20.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after acquiring an additional 96 shares during the period. Violich Capital Management Inc. raised its stake in Tenet Healthcare by 3.2% in the 1st quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after acquiring an additional 105 shares during the period. GAMMA Investing LLC raised its stake in Tenet Healthcare by 17.0% in the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after acquiring an additional 106 shares during the period. Finally, SummerHaven Investment Management LLC raised its stake in Tenet Healthcare by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after acquiring an additional 115 shares during the period. 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.