Tenet Healthcare (NYSE:THC) Sets New 12-Month High on Analyst Upgrade

Shares of Tenet Healthcare Corporation (NYSE:THC) reached a new 52-week high on Wednesday after Bank of America raised their price target on the stock from $205.00 to $225.00. Bank of America currently has a buy rating on the stock. Tenet Healthcare traded as high as $199.99 and last traded at $197.77, with a volume of 82647 shares. The stock had previously closed at $196.39.

Other equities research analysts also recently issued research reports about the company. Guggenheim boosted their target price on Tenet Healthcare from $180.00 to $188.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. Robert W. Baird decreased their price objective on Tenet Healthcare from $195.00 to $167.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Wells Fargo & Company lifted their price objective on Tenet Healthcare from $195.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Wolfe Research cut Tenet Healthcare from an “outperform” rating to a “peer perform” rating in a research note on Monday, July 28th. Finally, Truist Financial lifted their price objective on Tenet Healthcare from $190.00 to $205.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $195.50.

Insider Buying and Selling at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $179.53, for a total transaction of $1,436,240.00. Following the completion of the transaction, the executive vice president directly owned 20,878 shares of the company’s stock, valued at approximately $3,748,227.34. This represents a 27.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher S. Lynch sold 3,952 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $176.39, for a total value of $697,093.28. Following the transaction, the director directly owned 12,358 shares of the company’s stock, valued at $2,179,827.62. This trade represents a 24.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,960 shares of company stock worth $2,134,801 over the last quarter. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its stake in shares of Tenet Healthcare by 14.7% during the 2nd quarter. Osaic Holdings Inc. now owns 12,667 shares of the company’s stock worth $2,176,000 after acquiring an additional 1,622 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Tenet Healthcare by 22.8% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 9,000 shares of the company’s stock valued at $1,584,000 after buying an additional 1,669 shares during the last quarter. Orion Porfolio Solutions LLC bought a new stake in Tenet Healthcare in the 2nd quarter valued at $273,000. Thrivent Financial for Lutherans boosted its stake in Tenet Healthcare by 12.8% in the 2nd quarter. Thrivent Financial for Lutherans now owns 73,685 shares of the company’s stock valued at $12,954,000 after purchasing an additional 8,349 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Tenet Healthcare in the 2nd quarter valued at $598,000. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Trading Down 2.5%

The business has a 50-day moving average price of $173.05 and a two-hundred day moving average price of $154.22. The stock has a market capitalization of $16.92 billion, a P/E ratio of 12.26, a P/E/G ratio of 0.84 and a beta of 1.55. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping analysts’ consensus estimates of $2.84 by $1.18. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The company had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the prior year, the firm posted $2.31 EPS. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, analysts expect that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

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.