Tenet Healthcare (NYSE:THC) Hits New 1-Year High at $67.67

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.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Monday, April 19th. The company reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.50. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The company had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.73 billion. During the same period in the prior year, the firm posted $1.28 EPS. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, analysts anticipate that Tenet Healthcare Co. will post 4.27 EPS for the current year.

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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