Tenet Healthcare (NYSE:THC) Reaches New 52-Week High at $33.31

Tenet Healthcare Corp (NYSE:THC) reached a new 52-week high on Tuesday . The company traded as high as $33.31 and last traded at $33.26, with a volume of 433190 shares changing hands. The stock had previously closed at $32.64.

Several equities research analysts have recently weighed in on the company. Goldman Sachs Group initiated coverage on Tenet Healthcare in a research note on Wednesday, August 14th. They issued a “neutral” rating and a $28.00 price objective on the stock. ValuEngine lowered Tenet Healthcare from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 5th. SunTrust Banks upped their price target on Tenet Healthcare from $24.00 to $31.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reiterated a “hold” rating and set a $26.00 price objective on shares of Tenet Healthcare in a research note on Sunday, August 11th. Finally, Credit Suisse Group upgraded Tenet Healthcare from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $25.00 to $36.00 in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $30.83.

The business’s 50 day moving average price is $28.10 and its 200-day moving average price is $22.92. The company has a debt-to-equity ratio of 30.38, a current ratio of 1.22 and a quick ratio of 1.14. The company has a market cap of $3.35 billion, a P/E ratio of 17.79, a PEG ratio of 0.78 and a beta of 1.78.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Monday, November 4th. The company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.30. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.46 billion. Tenet Healthcare had a positive return on equity of 35.68% and a negative net margin of 1.31%. Tenet Healthcare’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 EPS. As a group, research analysts forecast that Tenet Healthcare Corp will post 2.66 EPS for the current year.

In related news, EVP Audrey T. Andrews sold 65,360 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $30.59, for a total value of $1,999,362.40. Following the completion of the transaction, the executive vice president now owns 56,602 shares in the company, valued at approximately $1,731,455.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Glenview Capital Management, L acquired 221,875 shares of Tenet Healthcare stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average cost of $20.50 per share, for a total transaction of $4,548,437.50. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its position in Tenet Healthcare by 152.6% in the third quarter. Quadrant Capital Group LLC now owns 1,546 shares of the company’s stock worth $33,000 after purchasing an additional 934 shares during the period. Rehmann Capital Advisory Group raised its stake in shares of Tenet Healthcare by 62.4% during the second quarter. Rehmann Capital Advisory Group now owns 1,601 shares of the company’s stock worth $33,000 after buying an additional 615 shares during the last quarter. KBC Group NV bought a new stake in shares of Tenet Healthcare during the second quarter worth approximately $53,000. LS Investment Advisors LLC lifted its holdings in Tenet Healthcare by 52.7% in the third quarter. LS Investment Advisors LLC now owns 2,552 shares of the company’s stock valued at $56,000 after buying an additional 881 shares during the period. Finally, Financial Architects Inc lifted its holdings in Tenet Healthcare by 41.6% in the third quarter. Financial Architects Inc now owns 2,775 shares of the company’s stock valued at $61,000 after buying an additional 815 shares during the period. 99.16% of the stock is owned by institutional investors.

Tenet Healthcare Company Profile (NYSE:THC)

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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