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

Tenet Healthcare (NYSE:THC) had its target price lifted by equities researchers at Wells Fargo & Company from $105.00 to $115.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 9.89% from the company’s previous close.

Several other equities analysts have also commented on THC. StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Saturday, December 16th. Truist Financial raised their price target on Tenet Healthcare from $92.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $104.00 target price on shares of Tenet Healthcare in a research note on Tuesday, March 5th. Barclays started coverage on Tenet Healthcare in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 target price on the stock. Finally, Wolfe Research upgraded Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price on the stock in a research note on Wednesday. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $97.56.

Tenet Healthcare Trading Down 0.2 %

THC traded down $0.22 during trading on Thursday, reaching $104.65. The company had a trading volume of 125,939 shares, compared to its average volume of 1,156,227. The stock has a market cap of $10.47 billion, a P/E ratio of 18.33, a PEG ratio of 3.21 and a beta of 2.07. The business has a 50 day simple moving average of $92.12 and a 200-day simple moving average of $75.50. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $107.80. 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 (NYSE:THC) last released its earnings results on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period last year, the company earned $1.96 earnings per share. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities analysts anticipate that Tenet Healthcare will post 6.09 EPS for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the sale, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now directly owns 33,303 shares in the company, valued at approximately $3,296,330.94. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard W. Fisher sold 2,100 shares of the business’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 sale, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Insiders sold a total of 51,268 shares of company stock valued at $4,944,810 over the last three months. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Tenet Healthcare by 46.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 629 shares of the company’s stock valued at $31,000 after buying an additional 199 shares in the last quarter. Belpointe Asset Management LLC increased its stake in shares of Tenet Healthcare by 94.1% in the first quarter. Belpointe Asset Management LLC now owns 588 shares of the company’s stock valued at $35,000 after buying an additional 285 shares in the last quarter. Parkside Financial Bank & Trust increased its stake 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 buying an additional 383 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Tenet Healthcare in the first quarter valued at $36,000. Finally, GAMMA Investing LLC acquired a new stake in Tenet Healthcare in the fourth quarter worth about $52,000. 95.44% of the stock is owned by institutional investors.

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.