Tenet Healthcare (NYSE:THC) Reaches New 1-Year High on Analyst Upgrade

Tenet Healthcare Corporation (NYSE:THC) reached a new 52-week high during mid-day trading on Wednesday after KeyCorp raised their price target on the stock from $270.00 to $300.00. KeyCorp currently has an overweight rating on the stock. Tenet Healthcare traded as high as $287.77 and last traded at $284.3710, with a volume of 209,503 shares traded. The stock had previously closed at $266.69.

A number of other research analysts have also commented on THC. Morgan Stanley upped their price objective on shares of Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Leerink Partners lifted their target price on Tenet Healthcare from $309.00 to $342.00 and gave the stock an “outperform” rating in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Tenet Healthcare in a research note on Friday, October 2nd. Wall Street Zen raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Finally, Mizuho set a $305.00 price target on Tenet Healthcare in a report on Monday. Eighteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $290.63.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $278.71, for a total value of $13,935,500.00. Following the sale, the chief executive officer directly owned 483,564 shares in the company, valued at approximately $134,774,122.44. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tammy Romo sold 4,922 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $264.15, for a total value of $1,300,146.30. Following the completion of the transaction, the director directly owned 30,784 shares of the company’s stock, valued at approximately $8,131,593.60. The trade was a 13.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 105,884 shares of company stock valued at $28,740,455. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of Tenet Healthcare

A number of large investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new stake in Tenet Healthcare in the third quarter worth about $26,000. Mather Group LLC. lifted its position in Tenet Healthcare by 126.9% during the 3rd quarter. Mather Group LLC. now owns 118 shares of the company’s stock valued at $30,000 after purchasing an additional 66 shares during the period. MADDEN SECURITIES Corp acquired a new position in Tenet Healthcare during the 3rd quarter valued at about $38,000. Trust Co. of Vermont bought a new position in shares of Tenet Healthcare in the 2nd quarter valued at about $37,000. Finally, Fortitude Family Office LLC grew its position in shares of Tenet Healthcare by 52.1% during the 3rd quarter. Fortitude Family Office LLC now owns 222 shares of the company’s stock worth $57,000 after buying an additional 76 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Performance

The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.52 and a current ratio of 1.58. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 8.27, a PEG ratio of 1.44 and a beta of 1.20. The firm’s 50-day moving average price is $264.37 and its 200 day moving average price is $221.04.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Thursday, October 29th. The company reported $6.64 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $5.49 billion. During the same period last year, the firm earned $3.70 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, sell-side analysts anticipate that Tenet Healthcare Corporation will post 22.31 EPS for the current year.

Tenet Healthcare Company Profile

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.