Tenet Healthcare (NYSE:THC) Reaches New 52-Week High at $157.95

Tenet Healthcare Co. (NYSE:THC)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $157.95 and last traded at $157.95, with a volume of 188826 shares. The stock had previously closed at $155.22.

Analysts Set New Price Targets

THC has been the topic of several recent analyst reports. StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Friday, June 7th. Truist Financial reiterated a “buy” rating and set a $170.00 price objective (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Mizuho restated a “buy” rating and issued a $130.00 target price (up previously from $118.00) on shares of Tenet Healthcare in a research report on Wednesday, May 1st. Citigroup boosted their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Stephens raised their target price on shares of Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Price Performance

The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The firm has a market cap of $16.07 billion, a price-to-earnings ratio of 6.33, a PEG ratio of 0.76 and a beta of 2.15. The company’s 50-day moving average price is $141.81 and its 200-day moving average price is $119.89.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion during the quarter, compared to analyst estimates of $4.98 billion. On average, equities research analysts forecast that Tenet Healthcare Co. will post 10.68 EPS for the current year.

Tenet Healthcare announced that its board has authorized a share buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the completion of the transaction, the director now owns 14,759 shares in the company, valued at $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the sale, the director now owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Paola M. Arbour sold 8,377 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the transaction, the executive vice president now directly owns 21,426 shares of the company’s stock, valued at $3,342,456. The disclosure for this sale can be found here. Insiders sold 126,865 shares of company stock worth $19,186,587 over the last 90 days. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenet Healthcare

Several large investors have recently bought and sold shares of THC. Norges Bank purchased a new position in shares of Tenet Healthcare during the fourth quarter worth approximately $78,254,000. Glenview Capital Management LLC increased its stake in Tenet Healthcare by 12.8% in the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares during the last quarter. 8 Knots Management LLC purchased a new position in shares of Tenet Healthcare during the fourth quarter worth about $44,412,000. Finally, Wedge Capital Management L L P NC increased its position in Tenet Healthcare by 1,265.6% in the 1st quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock valued at $49,208,000 after acquiring an additional 433,877 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

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.