Tenet Healthcare (NYSE:THC) Price Target Increased to $31.00 by Analysts at SunTrust Banks

Tenet Healthcare (NYSE:THC) had its price target upped by SunTrust Banks from $24.00 to $31.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has a hold rating on the stock. SunTrust Banks also issued estimates for Tenet Healthcare’s Q4 2019 earnings at $1.12 EPS, FY2019 earnings at $2.81 EPS, Q1 2020 earnings at $0.57 EPS, Q3 2020 earnings at $0.64 EPS, Q4 2020 earnings at $1.11 EPS and FY2020 earnings at $3.03 EPS.

A number of other analysts also recently issued reports on THC. ValuEngine downgraded shares of Tenet Healthcare from a sell rating to a strong sell rating in a research report on Tuesday, November 5th. Robert W. Baird increased their target price on shares of Tenet Healthcare from $27.00 to $30.00 and gave the stock a neutral rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued a hold rating and set a $26.00 target price on shares of Tenet Healthcare in a research report on Sunday, August 11th. Credit Suisse Group raised shares of Tenet Healthcare from a neutral rating to an outperform rating and increased their target price for the stock from $25.00 to $36.00 in a research report on Wednesday. Finally, Goldman Sachs Group initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, August 14th. They set a neutral rating and a $28.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $29.64.

Shares of NYSE THC traded down $0.30 on Wednesday, reaching $29.70. 1,383,065 shares of the company traded hands, compared to its average volume of 1,500,061. Tenet Healthcare has a fifty-two week low of $16.60 and a fifty-two week high of $31.64. The company has a 50 day moving average of $23.99 and a 200 day moving average of $21.88. The company has a current ratio of 1.22, a quick ratio of 1.06 and a debt-to-equity ratio of 30.38. The stock has a market capitalization of $2.91 billion, a PE ratio of 15.97, a P/E/G ratio of 0.74 and a beta of 1.66.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.30. Tenet Healthcare had a negative net margin of 1.31% and a positive return on equity of 35.68%. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the company posted $0.29 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, research analysts expect that Tenet Healthcare will post 2.55 earnings per share for the current year.

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In other news, major shareholder Glenview Capital Management, L acquired 8,160 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average price of $19.65 per share, with a total value of $160,344.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Edward A. Kangas sold 45,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $20.28, for a total transaction of $912,600.00. Following the completion of the sale, the director now directly owns 47,138 shares of the company’s stock, valued at approximately $955,958.64. The disclosure for this sale can be found here. Insiders acquired 1,098,419 shares of company stock valued at $22,395,899 in the last ninety days. 1.50% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. Atria Investments LLC acquired a new stake in Tenet Healthcare in the second quarter valued at approximately $967,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tenet Healthcare in the second quarter valued at approximately $1,271,000. Bank of New York Mellon Corp grew its position in Tenet Healthcare by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 1,244,022 shares of the company’s stock valued at $25,701,000 after acquiring an additional 181,741 shares in the last quarter. First Trust Advisors LP grew its position in Tenet Healthcare by 595.9% in the second quarter. First Trust Advisors LP now owns 147,085 shares of the company’s stock valued at $3,039,000 after acquiring an additional 125,950 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in Tenet Healthcare by 14.5% in the second quarter. Schroder Investment Management Group now owns 92,593 shares of the company’s stock valued at $1,913,000 after acquiring an additional 11,692 shares in the last quarter. 99.16% of the stock is owned by institutional investors.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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