Tenet Healthcare (NYSE:THC) Sets New 12-Month High on Strong Earnings

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

The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. The business had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same period last year, the company posted $1.42 EPS. The company’s revenue was up 6.9% compared to the same quarter last year.

Analyst Ratings Changes

Several research analysts have commented on THC shares. UBS Group raised their target price on shares of Tenet Healthcare from $137.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Wolfe Research upgraded shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price objective on the stock in a research report on Wednesday, March 27th. Wells Fargo & Company increased their target price on Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft upped their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Finally, TheStreet raised Tenet Healthcare from a “c+” rating to a “b-” rating in a research note on Tuesday, February 6th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $111.06.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the sale, the director now directly owns 33,303 shares in the company, valued at $3,296,330.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the sale, the director now directly owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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. Insiders have sold a total of 51,268 shares of company stock worth $4,944,810 over the last three months. Corporate insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Capstone Investment Advisors LLC acquired a new stake in Tenet Healthcare in the 1st quarter valued at about $578,000. Janney Montgomery Scott LLC acquired a new position in Tenet Healthcare during the 1st quarter worth $537,000. BNP Paribas Financial Markets lifted its holdings in Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after buying an additional 29,172 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Tenet Healthcare by 0.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after buying an additional 90 shares in the last quarter. Finally, Retirement Systems of Alabama grew its position in shares of Tenet Healthcare by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock worth $13,404,000 after buying an additional 334 shares during the period. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Up 3.3 %

The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of 4.50, a P/E/G ratio of 2.55 and a beta of 2.09. The business’s 50-day moving average is $98.80 and its two-hundred day moving average is $81.44. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.42 and a current ratio of 1.44.

Tenet Healthcare Company Profile

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.