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

Tenet Healthcare Co. (NYSE:THC) shares hit a new 52-week high during mid-day trading on Tuesday after Barclays raised their price target on the stock from $171.00 to $215.00. Barclays currently has an overweight rating on the stock. Tenet Healthcare traded as high as $172.00 and last traded at $171.06, with a volume of 24188 shares changing hands. The stock had previously closed at $170.12.

A number of other equities analysts have also issued reports on the stock. Guggenheim initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They issued a “buy” rating and a $165.00 target price for the company. Wall Street Zen upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Wells Fargo & Company upgraded shares of Tenet Healthcare from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $150.00 to $195.00 in a research report on Thursday, May 29th. Cantor Fitzgerald restated an “overweight” rating and set a $177.00 price objective on shares of Tenet Healthcare in a research report on Thursday, February 13th. Finally, TD Cowen started coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Moderate Buy” and a consensus target price of $180.18.

Insider Buying and Selling at Tenet Healthcare

In related news, EVP Thomas W. Arnst sold 9,786 shares of Tenet Healthcare stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total value of $1,624,476.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the sale, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. The trade was a 25.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,072 shares of company stock valued at $8,557,590 in the last quarter. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently modified their holdings of the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of Tenet Healthcare in the 1st quarter valued at $26,000. Wayfinding Financial LLC acquired a new position in Tenet Healthcare during the 1st quarter worth $28,000. SVB Wealth LLC acquired a new position in Tenet Healthcare during the 1st quarter worth $30,000. N.E.W. Advisory Services LLC bought a new position in shares of Tenet Healthcare during the 1st quarter worth about $31,000. Finally, Brooklyn Investment Group increased its holdings in shares of Tenet Healthcare by 908.7% during the 1st quarter. Brooklyn Investment Group now owns 232 shares of the company’s stock worth $31,000 after purchasing an additional 209 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

The firm’s fifty day moving average price is $142.20 and its 200-day moving average price is $136.61. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The company has a market cap of $15.98 billion, a P/E ratio of 5.34, a P/E/G ratio of 1.02 and a beta of 1.63.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating analysts’ consensus estimates of $3.11 by $1.25. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.22 earnings per share. As a group, research analysts forecast that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

About Tenet Healthcare

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.