Tenet Healthcare (NYSE:THC) Price Target Raised to $300.00

Tenet Healthcare (NYSE:THC) had its price objective lifted by KeyCorp from $270.00 to $300.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp‘s price target suggests a potential upside of 11.57% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Mizuho set a $305.00 target price on shares of Tenet Healthcare in a research report on Monday. Weiss Ratings raised shares of Tenet Healthcare from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Barclays boosted their price target on shares of Tenet Healthcare from $240.00 to $271.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $285.00 price target on shares of Tenet Healthcare in a research note on Friday, August 14th. Eighteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $289.84.

Tenet Healthcare Trading Down 1.6%

NYSE THC opened at $268.89 on Tuesday. Tenet Healthcare has a fifty-two week low of $157.58 and a fifty-two week high of $283.05. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.35 and a current ratio of 1.41. The stock has a 50 day simple moving average of $264.61 and a two-hundred day simple moving average of $220.69. The stock has a market cap of $21.65 billion, a P/E ratio of 7.80, a price-to-earnings-growth ratio of 1.02 and a beta of 1.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Thursday, October 29th. The company reported $6.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.68 by $1.96. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $5.49 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.70 earnings per share. On average, analysts forecast that Tenet Healthcare will post 21.98 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 24,000 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $266.32, for a total transaction of $6,391,680.00. Following the sale, the executive vice president owned 8,053 shares of the company’s stock, valued at $2,144,674.96. The trade was a 74.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Tammy Romo sold 4,922 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $264.15, for a total transaction of $1,300,146.30. Following the completion of the sale, the director owned 30,784 shares in the company, valued at approximately $8,131,593.60. This trade represents a 13.78% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 106,484 shares of company stock valued at $28,898,063. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Tenet Healthcare

A number of hedge funds have recently made changes to their positions in the stock. Manning & Napier Advisors LLC bought a new position in Tenet Healthcare during the 2nd quarter valued at approximately $168,761,000. Bank of New York Mellon Corp bought a new stake in Tenet Healthcare in the second quarter worth $106,342,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after acquiring an additional 244,901 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Tenet Healthcare by 535.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 127,677 shares of the company’s stock worth $24,094,000 after acquiring an additional 107,600 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Tenet Healthcare by 37.6% during the second quarter. Wedge Capital Management L L P NC now owns 221,453 shares of the company’s stock valued at $41,429,000 after acquiring an additional 60,478 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

About Tenet Healthcare

Tenet Healthcare Corp. (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.