Tenet Healthcare (NYSE:THC) Reaches New 12-Month High on Earnings Beat

Tenet Healthcare Corporation (NYSE:THC - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $185.25 and last traded at $183.49, with a volume of 476347 shares trading hands. The stock had previously closed at $174.65.

The company reported $4.02 EPS for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. The firm had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a net margin of 7.09% and a return on equity of 22.58%. The firm's revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.31 earnings per share.

Wall Street Analyst Weigh In

A number of research firms have weighed in on THC. Barclays increased their price target on shares of Tenet Healthcare from $171.00 to $215.00 and gave the stock an "overweight" rating in a research note on Monday, June 2nd. Morgan Stanley lifted their price target on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Truist Financial boosted their target price on shares of Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. UBS Group lifted their price target on shares of Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Finally, Bank of America upped their price target on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $185.41.

Insider Buying and Selling

In related news, Director J Robert Kerrey sold 1,222 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $164.96, for a total transaction of $201,581.12. Following the transaction, the director directly owned 22,377 shares in the company, valued at approximately $3,691,309.92. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 836 shares of Tenet Healthcare stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total transaction of $144,761.76. Following the transaction, the director directly owned 11,292 shares of the company's stock, valued at approximately $1,955,322.72. This trade represents a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,121 shares of company stock valued at $8,846,305 over the last ninety days. Insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Tenet Healthcare in the first quarter valued at approximately $26,000. Wayfinding Financial LLC bought a new stake in Tenet Healthcare in the first quarter valued at approximately $28,000. SVB Wealth LLC bought a new stake in Tenet Healthcare in the first quarter valued at approximately $30,000. Colonial Trust Co SC grew its position in shares of Tenet Healthcare by 85.7% during the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock worth $31,000 after buying an additional 114 shares during the period. Finally, N.E.W. Advisory Services LLC acquired a new stake in shares of Tenet Healthcare during the 1st quarter worth approximately $31,000. Institutional investors own 95.44% of the company's stock.

Tenet Healthcare Trading Up 4.0%

The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.23. The firm's 50-day moving average price is $168.41 and its 200 day moving average price is $144.34. The company has a market cap of $16.88 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 1.35 and a beta of 1.64.

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.

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