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

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

Analysts Set New Price Targets

A number of brokerages recently commented on THC. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 2nd. Mizuho reiterated a “buy” rating and set a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Wells Fargo & Company upped their price target on Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Wolfe Research upgraded shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price objective for the company in a report on Wednesday, March 27th. Finally, Barclays raised their target price on shares of Tenet Healthcare from $113.00 to $147.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $113.19.

Tenet Healthcare Price Performance

The firm has a market capitalization of $12.12 billion, a PE ratio of 4.82, a PEG ratio of 1.22 and a beta of 2.09. The company has a quick ratio of 1.37, a current ratio of 1.44 and a debt-to-equity ratio of 2.58. The firm’s fifty day simple moving average is $101.66 and its 200-day simple moving average is $83.73.

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

Insiders Place Their Bets

In related news, EVP Paola M. Arbour sold 18,168 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $96.96, for a total value of $1,761,569.28. Following the completion of the sale, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Paola M. Arbour sold 18,168 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the completion of the transaction, the executive vice president now owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total value of $945,982.80. The disclosure for this sale can be found here. Insiders sold a total of 59,416 shares of company stock worth $5,890,793 over the last quarter. 0.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds have recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in shares of Tenet Healthcare in the first quarter valued at $29,000. GAMMA Investing LLC bought a new position in shares of Tenet Healthcare in the 4th quarter valued at about $52,000. Sunbelt Securities Inc. purchased a new stake in Tenet Healthcare during the third quarter valued at approximately $67,000. FinTrust Capital Advisors LLC raised its holdings in Tenet Healthcare by 108.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock valued at $68,000 after buying an additional 467 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in Tenet Healthcare during the first quarter worth $78,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.