Tenet Healthcare (NYSE:THC) Hits New 1-Year High at $136.30

Tenet Healthcare Co. (NYSE:THC)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $136.30 and last traded at $136.25, with a volume of 820296 shares traded. The stock had previously closed at $132.24.

Analyst Ratings Changes

A number of equities analysts have weighed in on THC shares. Barclays boosted their target price on Tenet Healthcare from $113.00 to $147.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Robert W. Baird initiated coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price objective on the stock. StockNews.com cut shares of Tenet Healthcare from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 30th. Mizuho restated a “buy” rating and set a $130.00 target price (up previously from $118.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $120.41.

Tenet Healthcare Stock Performance

The company has a debt-to-equity ratio of 2.58, a current ratio of 1.44 and a quick ratio of 1.37. The firm has a 50-day moving average price of $114.24 and a two-hundred day moving average price of $94.26. The firm has a market capitalization of $13.33 billion, a P/E ratio of 5.13, a P/E/G ratio of 1.37 and a beta of 2.12.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $1.45 by $1.77. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. On average, analysts forecast that Tenet Healthcare Co. will post 8.76 EPS for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the sale, the director now owns 33,303 shares in the company, valued at $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the transaction, the director now directly owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nadja West sold 1,782 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $126.41, for a total value of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares of the company’s stock, valued at $3,751,848.80. The disclosure for this sale can be found here. Insiders sold 37,291 shares of company stock worth $4,318,493 over the last three months. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in THC. Boston Partners boosted its holdings in Tenet Healthcare by 230.4% during the 1st quarter. Boston Partners now owns 119,348 shares of the company’s stock valued at $12,527,000 after acquiring an additional 83,231 shares during the period. Cetera Advisors LLC purchased a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $227,000. Cetera Investment Advisers purchased a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $1,772,000. Farallon Capital Management LLC boosted its stake in shares of Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock valued at $67,002,000 after buying an additional 262,600 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Tenet Healthcare during the first quarter worth $1,240,000. 95.44% of the stock is 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.