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

Tenet Healthcare Co. (NYSE:THC - Get Free Report) shares hit a new 52-week high on Thursday . The company 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.

Analysts Set New Price Targets

THC has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an "overweight" rating in a report on Tuesday, July 30th. 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 research note on Thursday, July 25th. Robert W. Baird started coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They set an "outperform" rating and a $153.00 target price on the stock. Barclays lifted their price target on Tenet Healthcare from $156.00 to $171.00 and gave the company an "overweight" rating in a report on Monday, July 29th. Finally, StockNews.com upgraded Tenet Healthcare from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 7th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $152.69.

Tenet Healthcare Stock Up 3.8 %

The business's 50 day moving average is $151.81 and its 200-day moving average is $129.48. 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 firm has a market capitalization of $16.33 billion, a price-to-earnings ratio of 6.49, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Equities analysts anticipate that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare announced that its board has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm's stock in a transaction on 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 sale, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated 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 directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now owns 15,269 shares in the company, valued at $2,234,465.46. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock worth $19,754,997 in the last ninety days. Insiders own 0.93% of the company's stock.

Institutional Trading of Tenet Healthcare

Several institutional investors have recently made changes to their positions in THC. Sanctuary Advisors LLC bought a new position in Tenet Healthcare during the 2nd quarter valued at about $357,000. Ariadne Wealth Management LP bought a new position in Tenet Healthcare during the 2nd quarter valued at about $85,000. Cetera Investment Advisers lifted its holdings in Tenet Healthcare by 20.4% during the 2nd quarter. Cetera Investment Advisers now owns 20,295 shares of the company's stock valued at $2,700,000 after purchasing an additional 3,439 shares during the last quarter. Truist Financial Corp lifted its holdings in Tenet Healthcare by 155.2% during the 2nd quarter. Truist Financial Corp now owns 24,175 shares of the company's stock valued at $3,216,000 after purchasing an additional 14,703 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of Tenet Healthcare by 37.3% in the second quarter. Quarry LP now owns 626 shares of the company's stock valued at $83,000 after buying an additional 170 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.