Tenet Healthcare (NYSE:THC) Reaches New 52-Week High on Strong Earnings

Tenet Healthcare Corporation (NYSE:THC)’s share price hit a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $248.04 and last traded at $247.9250, with a volume of 1050291 shares. The stock had previously closed at $233.20.

The company reported $6.12 EPS for the quarter, beating analysts’ consensus estimates of $4.26 by $1.86. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The business had revenue of $6.04 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the prior year, the company posted $4.02 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on THC. KeyCorp reduced their price objective on shares of Tenet Healthcare from $250.00 to $225.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Barclays increased their target price on shares of Tenet Healthcare from $240.00 to $271.00 and gave the stock an “overweight” rating in a report on Friday. Piper Sandler set a $308.00 price target on shares of Tenet Healthcare in a report on Monday. Wells Fargo & Company raised their price objective on Tenet Healthcare from $213.00 to $231.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Finally, Wall Street Zen upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Sunday. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Moderate Buy” and a consensus price target of $257.90.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 5,638 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $174.52, for a total transaction of $983,943.76. Following the completion of the transaction, the director owned 16,804 shares in the company, valued at approximately $2,932,634.08. This represents a 25.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Nadja West sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $177.35, for a total value of $532,050.00. Following the completion of the sale, the director owned 24,805 shares in the company, valued at approximately $4,399,166.75. This trade represents a 10.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Tenet Healthcare during the 4th quarter worth approximately $248,494,000. Wellington Management Group LLP lifted its position in shares of Tenet Healthcare by 1,114.2% in the fourth quarter. Wellington Management Group LLP now owns 1,135,801 shares of the company’s stock worth $225,706,000 after purchasing an additional 1,042,260 shares in the last quarter. Boston Partners boosted its holdings in Tenet Healthcare by 38.8% during the third quarter. Boston Partners now owns 3,147,555 shares of the company’s stock worth $638,958,000 after purchasing an additional 880,413 shares during the last quarter. AQR Capital Management LLC increased its stake in Tenet Healthcare by 62.3% in the 3rd quarter. AQR Capital Management LLC now owns 1,876,423 shares of the company’s stock valued at $380,989,000 after buying an additional 720,160 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in Tenet Healthcare by 375.7% during the 2nd quarter. Alliancebernstein L.P. now owns 790,254 shares of the company’s stock worth $139,085,000 after buying an additional 624,125 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

The company has a market capitalization of $20.88 billion, a price-to-earnings ratio of 9.35, a P/E/G ratio of 1.61 and a beta of 1.27. The stock’s 50 day moving average price is $186.16 and its 200 day moving average price is $197.79. The company has a current ratio of 1.41, a quick ratio of 1.35 and a debt-to-equity ratio of 2.00.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.