Wells Fargo & Company Boosts Tenet Healthcare (NYSE:THC) Price Target to $115.00

Tenet Healthcare (NYSE:THC) had its price target increased by Wells Fargo & Company from $105.00 to $115.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also weighed in on THC. Royal Bank of Canada boosted their price objective on shares of Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a report on Friday, February 9th. TheStreet raised shares of Tenet Healthcare from a c+ rating to a b- rating in a report on Tuesday, February 6th. Wolfe Research raised shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price target on the stock in a report on Wednesday, March 27th. Barclays began coverage on shares of Tenet Healthcare in a research note on Wednesday, March 6th. They set an overweight rating and a $113.00 target price on the stock. Finally, Mizuho increased their target price on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a buy rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $97.56.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $105.11 on Thursday. The firm has a 50 day moving average of $93.07 and a 200 day moving average of $76.00. The company has a market capitalization of $10.51 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 3.29 and a beta of 2.07. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $107.80.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $1.10. The business had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.28 billion. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.96 earnings per share. On average, sell-side analysts predict that Tenet Healthcare will post 6.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Thomas W. Arnst sold 17,000 shares of Tenet Healthcare stock in a transaction on Friday, March 1st. The shares were sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the sale, the executive vice president now directly owns 8,148 shares in the company, valued at approximately $772,756.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the sale, the director now owns 20,127 shares in the company, valued at $1,775,402.67. The disclosure for this sale can be found here. Insiders sold 51,268 shares of company stock valued at $4,944,810 in the last 90 days. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Parkside Financial Bank & Trust boosted its holdings in shares of Tenet Healthcare by 1,063.9% in the first quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock valued at $36,000 after acquiring an additional 383 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Tenet Healthcare during the first quarter worth about $36,000. Belpointe Asset Management LLC increased its position in Tenet Healthcare by 94.1% during the first quarter. Belpointe Asset Management LLC now owns 588 shares of the company’s stock worth $35,000 after purchasing an additional 285 shares during the last quarter. GAMMA Investing LLC acquired a new position in Tenet Healthcare during the fourth quarter worth approximately $52,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Tenet Healthcare by 46.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 629 shares of the company’s stock worth $31,000 after purchasing an additional 199 shares during the last quarter. 95.44% of the stock is currently 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.