Tenet Healthcare (NYSE:THC) Hits New 12-Month High at $166.08

Tenet Healthcare Co. (NYSE:THC)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $166.08 and last traded at $164.12, with a volume of 23725 shares trading hands. The stock had previously closed at $164.67.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group upped their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Wells Fargo & Company upped their target price on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price target on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Stock Down 0.4 %

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 company has a market capitalization of $16.02 billion, a PE ratio of 6.39, a P/E/G ratio of 0.76 and a beta of 2.15. The stock has a 50-day moving average of $144.51 and a 200 day moving average of $122.50.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 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 company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Sell-side analysts anticipate that Tenet Healthcare Co. will post 10.68 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,004 shares of company stock valued at $18,060,399. Company insiders own 0.93% of the company’s stock.

Institutional Trading of Tenet Healthcare

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after acquiring an additional 172,913 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares during the period. Glenview Capital Management LLC grew its position in shares of Tenet Healthcare by 12.8% during the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after acquiring an additional 877,180 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Tenet Healthcare by 16.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock valued at $114,629,000 after acquiring an additional 212,185 shares during the period. Finally, Greenlight Capital Inc. grew its position in shares of Tenet Healthcare by 44.3% during the 4th quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after acquiring an additional 404,190 shares during the period. 95.44% of the stock is owned by institutional investors.

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.