Tenet Healthcare (NYSE:THC) Stock Breaks Above 50-Day Moving Average - Time to Sell?

Tenet Healthcare Corporation (NYSE:THC - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $264.84 and traded as high as $271.61. Tenet Healthcare shares last traded at $267.7470, with a volume of 1,090,294 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on THC shares. BMO Capital Markets initiated coverage on Tenet Healthcare in a report on Tuesday, September 22nd. They issued a "market perform" rating and a $265.00 price objective for the company. Weiss Ratings raised Tenet Healthcare from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Mizuho set a $290.00 target price on shares of Tenet Healthcare in a research note on Monday, August 10th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $305.00 price target on shares of Tenet Healthcare in a report on Tuesday, July 28th. Finally, Zacks Research lowered shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 29th. Eighteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $280.21.

Tenet Healthcare Stock Up 2.2%

The company has a current ratio of 1.41, a quick ratio of 1.35 and a debt-to-equity ratio of 2.00. The stock has a market cap of $21.56 billion, a P/E ratio of 10.33, a PEG ratio of 1.02 and a beta of 1.20. The company's 50 day moving average price is $264.84 and its two-hundred day moving average price is $219.63.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Foo sold 24,000 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $266.32, for a total value of $6,391,680.00. Following the transaction, the executive vice president directly owned 8,053 shares in the company, valued at approximately $2,144,674.96. This trade represents a 74.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director J. Robert Kerrey sold 12,010 shares of Tenet Healthcare stock in a transaction on Monday, September 14th. The stock was sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the transaction, the director owned 4,794 shares in the company, valued at $1,264,273.68. This represents a 71.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 106,484 shares of company stock valued at $28,898,063 in the last quarter. Insiders own 0.97% of the company's stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors have recently bought and sold shares of THC. Manning & Napier Advisors LLC bought a new stake in Tenet Healthcare during the second quarter valued at about $168,761,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company's stock worth $126,757,000 after buying an additional 244,901 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at about $106,342,000. Empowered Funds LLC lifted its position in shares of Tenet Healthcare by 22.1% during the 1st quarter. Empowered Funds LLC now owns 284,753 shares of the company's stock valued at $53,736,000 after buying an additional 51,549 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in shares of Tenet Healthcare by 3,478.7% during the 4th quarter. Hsbc Holdings PLC now owns 266,400 shares of the company's stock valued at $53,269,000 after acquiring an additional 258,956 shares during the period. 95.44% of the stock is owned by institutional investors.

About Tenet Healthcare

Tenet Healthcare Corp. NYSE: THC is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.

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