Tenet Healthcare Co. (NYSE:THC)’s stock price reached a new 52-week high on Monday . The stock traded as high as $67.67 and last traded at $65.98, with a volume of 3709 shares trading hands. The stock had previously closed at $66.84.
THC has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Tenet Healthcare from a “buy” rating to a “hold” rating and set a $55.00 target price on the stock. in a report on Tuesday, February 9th. Raymond James boosted their target price on shares of Tenet Healthcare from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, January 14th. Barclays boosted their price target on shares of Tenet Healthcare from $55.00 to $62.00 in a research note on Friday, April 23rd. Citigroup boosted their price target on shares of Tenet Healthcare from $58.00 to $65.00 in a research note on Thursday, April 22nd. Finally, Truist Securities boosted their price target on shares of Tenet Healthcare from $56.00 to $60.00 in a research note on Thursday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. Tenet Healthcare has a consensus rating of “Buy” and an average price target of $53.50.
The firm’s 50 day moving average is $55.49 and its two-hundred day moving average is $45.74. The stock has a market capitalization of $6.97 billion, a PE ratio of -502.23, a P/E/G ratio of 8.49 and a beta of 2.66. The company has a debt-to-equity ratio of 29.81, a quick ratio of 1.28 and a current ratio of 1.34.
In related news, major shareholder Glenview Capital Management, L sold 2,500,000 shares of the stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $53.30, for a total transaction of $133,250,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel J. Cancelmi sold 70,700 shares of the stock in a transaction on Monday, March 15th. The stock was sold at an average price of $56.80, for a total transaction of $4,015,760.00. Following the sale, the chief financial officer now owns 399,500 shares of the company’s stock, valued at approximately $22,691,600. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,836,392 shares of company stock valued at $151,959,533. Company insiders own 1.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. IndexIQ Advisors LLC purchased a new position in Tenet Healthcare during the 1st quarter worth $31,000. Carolina Wealth Advisors LLC purchased a new position in Tenet Healthcare during the 1st quarter worth $62,000. Hanseatic Management Services Inc. purchased a new position in Tenet Healthcare during the 1st quarter worth $63,000. Sowell Financial Services LLC purchased a new position in Tenet Healthcare during the 4th quarter worth $80,000. Finally, Meeder Asset Management Inc. raised its position in Tenet Healthcare by 2,095.6% during the 1st quarter. Meeder Asset Management Inc. now owns 2,481 shares of the company’s stock worth $129,000 after buying an additional 2,368 shares during the last quarter. Institutional investors own 93.13% of the company’s stock.
About Tenet Healthcare (NYSE:THC)
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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