Tenet Healthcare (NYSE:THC) Sets New 1-Year High Following Analyst Upgrade

Tenet Healthcare Co. (NYSE:THC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday after Barclays raised their price target on the stock from $171.00 to $215.00. Barclays currently has an overweight rating on the stock. Tenet Healthcare traded as high as $172.00 and last traded at $171.06, with a volume of 24188 shares trading hands. The stock had previously closed at $170.12.

A number of other research analysts have also commented on the company. Wells Fargo & Company raised Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $150.00 to $195.00 in a research report on Thursday, May 29th. Cantor Fitzgerald reissued an "overweight" rating and issued a $177.00 price target on shares of Tenet Healthcare in a report on Thursday, February 13th. The Goldman Sachs Group boosted their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. TD Cowen began coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They set a "buy" rating and a $175.00 price target on the stock. Finally, Morgan Stanley boosted their price target on shares of Tenet Healthcare from $165.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $180.18.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, EVP Thomas W. Arnst sold 9,786 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total value of $1,624,476.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James L. Bierman sold 4,613 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $170.00, for a total value of $784,210.00. Following the sale, the director now owns 35,271 shares in the company, valued at approximately $5,996,070. This represents a 11.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,072 shares of company stock worth $8,557,590. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Hedge funds and other institutional investors have recently modified their holdings of the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Tenet Healthcare in the 4th quarter worth approximately $5,892,000. abrdn plc increased its holdings in shares of Tenet Healthcare by 29.0% in the fourth quarter. abrdn plc now owns 98,229 shares of the company's stock worth $12,320,000 after purchasing an additional 22,066 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Tenet Healthcare by 541.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company's stock valued at $1,213,000 after acquiring an additional 8,000 shares during the last quarter. Lecap Asset Management Ltd. lifted its holdings in shares of Tenet Healthcare by 152.7% in the 4th quarter. Lecap Asset Management Ltd. now owns 4,189 shares of the company's stock worth $529,000 after acquiring an additional 2,531 shares during the last quarter. Finally, Truist Financial Corp lifted its position in shares of Tenet Healthcare by 1.6% during the fourth quarter. Truist Financial Corp now owns 12,407 shares of the company's stock worth $1,566,000 after purchasing an additional 198 shares during the last quarter. Institutional investors own 95.44% of the company's stock.

Tenet Healthcare Trading Down 1.1%

The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The stock has a 50-day simple moving average of $142.20 and a two-hundred day simple moving average of $136.61. The firm has a market capitalization of $15.78 billion, a P/E ratio of 5.27, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating analysts' consensus estimates of $3.11 by $1.25. The firm had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $3.22 earnings per share. On average, equities research analysts anticipate that Tenet Healthcare Co. will post 12.24 earnings per share for the current 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.