Tenet Healthcare (NYSE:THC) Sets New 12-Month High at $109.00

Tenet Healthcare Co. (NYSE:THC)’s share price hit a new 52-week high on Tuesday . The company traded as high as $109.00 and last traded at $108.58, with a volume of 960675 shares changing hands. The stock had previously closed at $99.15.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Mizuho boosted their price objective on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $104.00 price objective on shares of Tenet Healthcare in a research report on Wednesday, April 10th. Wolfe Research upgraded Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price for the company in a research note on Wednesday, March 27th. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Truist Financial increased their price objective on shares of Tenet Healthcare from $92.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 9th. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and a consensus price target of $100.38.

Tenet Healthcare Trading Up 10.7 %

The firm has a 50 day simple moving average of $98.38 and a two-hundred day simple moving average of $81.03. The firm has a market capitalization of $10.89 billion, a P/E ratio of 18.71, a PEG ratio of 3.08 and a beta of 2.08. The company has a debt-to-equity ratio of 4.77, a quick ratio of 1.42 and a current ratio of 1.51.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating the consensus estimate of $1.58 by $1.10. The firm had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.96 EPS. Equities research analysts forecast that Tenet Healthcare Co. will post 6.3 earnings per share for the current year.

Insider Activity at Tenet Healthcare

In other news, EVP Thomas W. Arnst sold 17,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the completion of the transaction, the executive vice president now owns 8,148 shares in the company, valued at approximately $772,756.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Thomas W. Arnst sold 17,000 shares of Tenet Healthcare stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the transaction, the executive vice president now directly owns 8,148 shares in the company, valued at approximately $772,756.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction on 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 transaction, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,268 shares of company stock worth $4,944,810. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently modified their holdings of the company. Nordea Investment Management AB grew its position in Tenet Healthcare by 324.3% during the fourth quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after buying an additional 30,623 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of Tenet Healthcare by 37.3% in the third quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company’s stock worth $11,623,000 after purchasing an additional 47,952 shares during the last quarter. Bleakley Financial Group LLC lifted its position in Tenet Healthcare by 6.0% during the fourth quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock valued at $6,889,000 after purchasing an additional 5,198 shares during the last quarter. Vanguard Group Inc. grew its stake in Tenet Healthcare by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock worth $720,671,000 after buying an additional 63,253 shares in the last quarter. Finally, TD Asset Management Inc purchased a new stake in shares of Tenet Healthcare during the 3rd quarter valued at $1,146,000. 95.44% of the stock is owned by hedge funds and other 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.