Tenet Healthcare (NYSE:THC) Sets New 52-Week High at $121.73

Tenet Healthcare Co. (NYSE:THC) shares reached a new 52-week high on Monday . The stock traded as high as $121.73 and last traded at $120.43, with a volume of 226604 shares traded. The stock had previously closed at $120.28.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Truist Financial reiterated a “buy” rating and set a $130.00 price target (up previously from $120.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. TheStreet upgraded shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a report on Tuesday, February 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $104.00 price objective on shares of Tenet Healthcare in a research report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft lifted their price target on Tenet Healthcare from $100.00 to $126.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Finally, Wolfe Research upgraded shares of 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. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and an average price target of $113.19.

Tenet Healthcare Stock Up 1.7 %

The business’s 50-day moving average is $100.37 and its 200-day moving average is $82.77. The firm has a market cap of $11.95 billion, a price-to-earnings ratio of 4.67, a PEG ratio of 1.22 and a beta of 2.09. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.37 and a current ratio of 1.44.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $1.45 by $1.77. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. Tenet Healthcare’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 EPS. On average, equities analysts predict that Tenet Healthcare Co. will post 8.73 EPS for the current year.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Tenet Healthcare news, EVP Thomas W. Arnst sold 8,148 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction that occurred 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 transaction, the director now 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 sold a total of 59,416 shares of company stock valued at $5,890,793 over the last three months. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nordea Investment Management AB increased its position in Tenet Healthcare by 324.3% during the 4th quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after purchasing an additional 30,623 shares in the last quarter. First Eagle Investment Management LLC raised its position in shares of Tenet Healthcare by 37.3% during 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 period. Levin Capital Strategies L.P. acquired a new position in Tenet Healthcare during the 4th quarter valued at about $1,684,000. Bleakley Financial Group LLC raised its position in Tenet Healthcare by 6.0% in the 4th quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock valued at $6,889,000 after buying an additional 5,198 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Tenet Healthcare by 0.6% during the third quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock worth $720,671,000 after purchasing an additional 63,253 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.