Tenet Healthcare (NYSE:THC) Hits New 12-Month High Following Analyst Upgrade

Shares of Tenet Healthcare Corporation (NYSE:THC) hit a new 52-week high 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 trading hands. The stock had previously closed at $266.69.

Several other equities analysts have also recently weighed in on THC. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tenet Healthcare in a research note on Friday, October 2nd. BMO Capital Markets started coverage on shares of Tenet Healthcare in a research report on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price target for the company. Guggenheim lowered their price objective on shares of Tenet Healthcare from $307.00 to $306.00 and set a “buy” rating on the stock in a research report on Friday, October 30th. Robert W. Baird upped their price objective on shares of Tenet Healthcare from $210.00 to $280.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Finally, Zacks Research downgraded shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Eighteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $290.63.

Insider Buying and Selling

In other news, Director J. Robert Kerrey sold 12,010 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the completion of the sale, the director owned 4,794 shares in the company, valued at approximately $1,264,273.68. This represents a 71.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Nadja West sold 1,152 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $258.80, for a total value of $298,137.60. Following the transaction, the director directly owned 23,653 shares in the company, valued at approximately $6,121,396.40. This represents a 4.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 105,884 shares of company stock valued at $28,740,455. 0.97% of the stock is owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Institutional investors and hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Tenet Healthcare during the 3rd quarter worth $26,000. Mather Group LLC. grew its position in shares of Tenet Healthcare by 126.9% in the third 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 last quarter. Trust Co. of Vermont acquired a new stake in shares of Tenet Healthcare in the second quarter valued at about $37,000. MADDEN SECURITIES Corp bought a new position in shares of Tenet Healthcare in the third quarter worth about $38,000. Finally, Compass Financial Management LLC acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth about $57,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Up 6.9%

The firm has a 50-day moving average of $264.37 and a two-hundred day moving average of $221.04. The firm 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 company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76.

Tenet Healthcare (NYSE:THC) last released its earnings results 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 return on equity of 28.22% and a net margin of 13.09%. The firm had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same quarter last year, the firm posted $3.70 EPS. The company’s revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts predict that Tenet Healthcare Corporation will post 22.31 earnings per share for the current fiscal 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.