According to a report from Bloomberg, Tenet Healthcare Co. (NYSE: THC) has received an average “Buy” recommendation from fifteen research firms that cover the stock. The consensus among analysts is largely positive, with thirteen firms rating the stock as a buy and one assigning a strong buy rating. Only one analyst has given the stock a hold rating. These recommendations indicate that industry experts believe Tenet Healthcare is a good investment.
In terms of price objective, brokers who have updated their coverage on the stock in the past year have set an average 12-month price target of $84.18. This suggests that they expect the stock to see further growth and reach this target within the next year.
On Monday, shares of THC opened at $65.89. The stock’s 50-day simple moving average stands at $73.13, while its 200-day simple moving average is $71.62. Over the past year, shares of Tenet Healthcare have traded between $36.69 and $85.40.
Tenet Healthcare Corporation operates as a diversified healthcare services company, with three main segments: Hospital Operations, Ambulatory Care, and Conifer. Its hospitals provide acute care services and various medical facilities such as operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
In its most recent quarterly earnings release on July 31st, Tenet Healthcare reported earnings per share (EPS) of $1.44 for the quarter. This exceeded analysts’ consensus estimates by $0.18 per share ($1.26 EPS). The company’s net margin for this period was 2.51%, with a return on equity of 26.60%. Tenet Healthcare generated revenue of $5.08 billion during the quarter, surpassing the consensus estimate of $4.91 billion. Compared to the same quarter last year, revenue was up by 9.6%. Analysts, on average, anticipate that Tenet Healthcare will post EPS of 5.73 for the current year.
In conclusion, Tenet Healthcare has been recommended as a “Buy” by fifteen research firms covering the stock. Analysts have set a high average price objective of $84.18 for the next twelve months. With its diversified healthcare services operations and positive financial performance, Tenet Healthcare appears to be an appealing investment option in the current market climate.
Expert Opinions and Institutional Confidence Signal Positive Outlook for Tenet Healthcare Corporation (THC)
In recent weeks, several equities analysts have provided their insights on Tenet Healthcare Corporation (THC) shares. These analysts have extensively analyzed the company’s performance and conducted comprehensive research to offer objective assessments of its potential. Their assessments are crucial for investors seeking valuable information to make informed decisions regarding their investments.
One such analyst is Cantor Fitzgerald, which raised its price objective on Tenet Healthcare from $76.00 to $94.00. Additionally, they gave the company an “overweight” rating in a research note issued on Thursday, September 14th. The overweight rating suggests that the analyst believes the stock will outperform the average market returns.
Another noteworthy analyst, Stephens, increased its price target from $87.00 to $89.00 while providing an “equal weight” rating for Tenet Healthcare in a research report dated Tuesday, August 1st. An equal weight rating implies that the stock’s performance is expected to be in line with its industry peers.
Raymond James also imparted significant insight by raising their target price on Tenet Healthcare from $85.00 to $95.00 and granting the company a “strong-buy” rating in a research note shared on Wednesday, August 2nd. A strong-buy rating presents a highly favorable outlook suggesting that the stock is anticipated to perform exceptionally well compared to others within its industry.
Further reinforcing upbeat sentiments towards the company is Citigroup’s positive view on Tenet Healthcare as they boosted their price target from $83.00 to $90.00 and provided it with a “buy” rating in another report released on Tuesday, August 1st.
Lastly, Mizuho raised their target price on shares of Tenet Healthcare from $81.00 to $94.00 in a research report published on Tuesday, July 11th.
Apart from these expert opinions, institutional investors and hedge funds have also demonstrated confidence in Tenet Healthcare. For instance, BlackRock Inc. notably grew its stake by 14.7% during the first quarter, acquiring an additional 1,491,799 shares in the last quarter alone.
Vanguard Group Inc. increased its stake in Tenet Healthcare by 0.7% during the same period by purchasing an additional 77,543 shares, reaffirming their confidence in the company’s potential.
Glenview Capital Management LLC added more weight to their position as they grew their holdings by 9.8% in the fourth quarter. They now own 8,896,111 shares of the company’s stock valued at $434,041,000 after acquiring an additional 796,463 shares.
State Street Corp also demonstrated optimism as it raised its holdings in Tenet Healthcare by 2.4% during the first quarter. State Street Corp now holds 3,377,944 shares of the company’s stock valued at $290,368,000 after acquiring an additional 78,687 shares.
Finally, Marshall Wace LLP significantly increased its position in shares of Tenet Healthcare by a staggering 259.1% during the second quarter and currently owns 2,281,465 shares valued at $185,666,000 after purchasing an additional 1,646,137 shares.
These institutional investors and hedge funds collectively own around 93.56% of Tenet Healthcare Corporation’s stock which signifies substantial confidence from market players regarding the future prospects of the company.
Given this overwhelming level of support and optimism from equities analysts as well as institutional investors and hedge funds alike towards Tenet Healthcare Corporation (THC), potential investors may find these assessments helpful while making investment decisions concerning this particular stock effective October 2nd ,2023