Tenet Healthcare (NYSE:THC) Hits New 52-Week High at $157.95

Tenet Healthcare Co. (NYSE:THC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $157.95 and last traded at $157.95, with a volume of 188826 shares changing hands. The stock had previously closed at $155.22.

Analyst Ratings Changes

A number of research firms have commented on THC. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a research report on Monday. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. UBS Group raised their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Barclays upped their price target on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Raymond James raised their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Stock Up 2.5 %

The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The company has a 50-day moving average price of $141.81 and a 200 day moving average price of $119.89. The firm has a market capitalization of $16.07 billion, a PE ratio of 6.33, a P/E/G ratio of 0.76 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Analysts forecast that Tenet Healthcare Co. will post 10.68 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related 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 completion of 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 is available at this hyperlink. Also, EVP Paola M. Arbour sold 8,377 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the sale, the executive vice president now directly owns 21,426 shares of the company’s stock, valued at $3,342,456. The disclosure for this sale can be found here. Insiders have sold a total of 126,865 shares of company stock valued at $19,186,587 in the last quarter. 0.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tenet Healthcare

Several institutional investors have recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter worth approximately $28,000. Rise Advisors LLC bought a new stake in shares of Tenet Healthcare during the first quarter worth $29,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare during the second quarter valued at $31,000. Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at about $34,000. 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.