Tenet Healthcare (NYSE:THC) Hits New 52-Week High at $167.29

Tenet Healthcare Co. (NYSE:THC)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $167.29 and last traded at $167.20, with a volume of 1360499 shares. The stock had previously closed at $161.07.

Analyst Ratings Changes

A number of equities analysts have issued reports on THC shares. Robert W. Baird initiated coverage on Tenet Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $153.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their target price on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, June 28th. The Goldman Sachs Group upped their price target on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Trading Down 1.2 %

The company has a market cap of $16.13 billion, a PE ratio of 6.41, a PEG ratio of 0.80 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The company has a 50 day simple moving average of $153.09 and a two-hundred day simple moving average of $130.23.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Sell-side analysts forecast that Tenet Healthcare Co. will post 10.7 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were 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 disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock valued at $19,754,997 in the last three months. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in Tenet Healthcare during the 4th quarter worth $78,254,000. Glenview Capital Management LLC grew its position in Tenet Healthcare by 12.8% in the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after purchasing an additional 877,180 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares during the last quarter. 8 Knots Management LLC bought a new stake in shares of Tenet Healthcare in the fourth quarter valued at about $44,412,000. Finally, Greenlight Capital Inc. increased its stake in Tenet Healthcare by 44.3% during the fourth 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. Institutional investors own 95.44% of the company’s stock.

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.