Tenet Healthcare (NYSE:THC) Sets New 52-Week High After Analyst Upgrade

Tenet Healthcare Co. (NYSE:THC - Get Free Report) shares hit a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $180.00 to $197.00. UBS Group currently has a buy rating on the stock. Tenet Healthcare traded as high as $155.86 and last traded at $155.76, with a volume of 171202 shares traded. The stock had previously closed at $152.79.

Other equities analysts have also recently issued research reports about the stock. Mizuho reiterated a "buy" rating and issued a $130.00 price target (up previously from $118.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Stephens increased their price target on shares of Tenet Healthcare from $95.00 to $122.00 and gave the company an "equal weight" rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. boosted their price objective 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. Robert W. Baird assumed coverage on Tenet Healthcare in a report on Thursday, May 30th. They issued an "outperform" rating and a $153.00 target price for the company. Finally, Raymond James upped their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a "strong-buy" rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $152.69.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of the 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 of the company's stock, valued at $2,234,465.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Tenet Healthcare news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the completion of the sale, the director now directly owns 14,759 shares of the company's stock, valued at approximately $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,261 shares of company stock valued at $4,565,464. 0.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company's stock worth $1,325,000 after buying an additional 90 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Tenet Healthcare by 20.7% during the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company's stock worth $74,000 after buying an additional 96 shares during the period. Violich Capital Management Inc. raised its stake in shares of Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company's stock valued at $355,000 after acquiring an additional 105 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Tenet Healthcare by 17.0% in the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company's stock worth $77,000 after acquiring an additional 106 shares during the last quarter. Finally, SummerHaven Investment Management LLC raised its position in Tenet Healthcare by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company's stock worth $1,186,000 after purchasing an additional 115 shares during the period. Institutional investors own 95.44% of the company's stock.

Tenet Healthcare Trading Up 0.8 %

The firm has a market cap of $15.04 billion, a P/E ratio of 5.98, a P/E/G ratio of 0.76 and a beta of 2.15. The company's 50 day simple moving average is $139.42 and its 200-day simple moving average is $117.13. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53.

Tenet Healthcare declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

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.