Tenet Healthcare (NYSE:THC) Hits New 12-Month High - What's Next?

Tenet Healthcare Corporation (NYSE:THC - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $177.32 and last traded at $173.90, with a volume of 195980 shares changing hands. The stock had previously closed at $169.01.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on THC. Royal Bank Of Canada boosted their price target on Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Wall Street Zen upgraded shares of Tenet Healthcare from a "hold" rating to a "buy" rating in a report on Sunday, June 15th. Bank of America upped their target price on Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Morgan Stanley raised their price target on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Finally, Baird R W lowered Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $182.24.

Tenet Healthcare Stock Up 2.7%

The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.23. The firm's 50 day simple moving average is $154.99 and its 200 day simple moving average is $139.13. The company has a market cap of $16.13 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 1.25 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.11 by $1.25. The company had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 22.58% and a net margin of 7.09%. The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.22 EPS. Sell-side analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other news, Director James L. Bierman sold 13,836 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $159.58, for a total value of $2,207,948.88. Following the transaction, the director now owns 41,435 shares of the company's stock, valued at $6,612,197.30. The trade was a 25.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director J Robert Kerrey sold 5,001 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $148.50, for a total transaction of $742,648.50. Following the completion of the transaction, the director now owns 22,377 shares in the company, valued at approximately $3,322,984.50. This trade represents a 18.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 54,121 shares of company stock valued at $8,846,305. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds have recently modified their holdings of the stock. Nuveen LLC acquired a new position in shares of Tenet Healthcare in the first quarter worth about $218,549,000. Ameriprise Financial Inc. raised its stake in Tenet Healthcare by 348.4% during the 1st quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company's stock valued at $263,905,000 after purchasing an additional 1,524,642 shares during the period. Norges Bank purchased a new stake in shares of Tenet Healthcare in the fourth quarter valued at $190,819,000. Boston Partners grew its holdings in shares of Tenet Healthcare by 692.9% during the first quarter. Boston Partners now owns 1,162,642 shares of the company's stock valued at $156,318,000 after buying an additional 1,016,010 shares in the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in Tenet Healthcare during the 4th quarter valued at about $69,059,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.

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