Tenet Healthcare (NYSE:THC) Stock Price Target Raised at Wells Fargo & Company

Tenet Healthcare (NYSE:THC) had its price objective increased by equities researchers at Wells Fargo & Company from $281.00 to $321.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 17.47% from the company’s previous close.

A number of other research firms have also commented on THC. TD Cowen lifted their target price on shares of Tenet Healthcare from $233.00 to $263.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Wall Street Zen raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Truist Financial raised their price target on Tenet Healthcare from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Stephens reaffirmed an “overweight” rating and set a $285.00 price objective on shares of Tenet Healthcare in a research note on Monday, July 27th. Finally, BMO Capital Markets started coverage on Tenet Healthcare in a report on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price objective for the company. Eighteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $283.05.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $273.25 on Monday. Tenet Healthcare has a 1 year low of $157.58 and a 1 year high of $283.05. The company’s 50-day moving average is $264.85 and its two-hundred day moving average is $220.34. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76. The company has a market cap of $21.75 billion, a PE ratio of 7.92, a PEG ratio of 1.03 and a beta of 1.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.68 by $1.96. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The business had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the previous year, the firm posted $3.70 earnings per share. Tenet Healthcare’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities analysts anticipate that Tenet Healthcare will post 21.98 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Nadja West sold 1,152 shares of Tenet Healthcare stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $258.80, for a total transaction of $298,137.60. Following the transaction, the director directly owned 23,653 shares of the company’s stock, valued at $6,121,396.40. This trade represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard Mark sold 10,000 shares of Tenet Healthcare stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $263.42, for a total transaction of $2,634,200.00. Following the transaction, the director directly owned 25,121 shares in the company, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 106,484 shares of company stock valued at $28,898,063. 0.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in THC. Kestra Private Wealth Services LLC acquired a new stake in shares of Tenet Healthcare during the third quarter worth about $232,000. Chicago Partners Investment Group LLC grew its position in shares of Tenet Healthcare by 7.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 1,703 shares of the company’s stock valued at $457,000 after purchasing an additional 124 shares during the period. Covestor Ltd increased its stake in Tenet Healthcare by 22.8% during the 3rd quarter. Covestor Ltd now owns 437 shares of the company’s stock worth $112,000 after purchasing an additional 81 shares in the last quarter. Provenance Wealth Advisors LLC bought a new stake in Tenet Healthcare during the 3rd quarter worth approximately $539,000. Finally, IPG Investment Advisors LLC acquired a new stake in Tenet Healthcare during the 3rd quarter worth approximately $2,828,000. 95.44% of the stock is owned by institutional investors and hedge funds.

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.