Tenet Healthcare (NYSE:THC) Hits New 12-Month High on Analyst Upgrade

Tenet Healthcare Corporation (NYSE:THC) shares reached a new 52-week high on Tuesday after Guggenheim raised their price target on the stock from $238.00 to $257.00. Guggenheim currently has a buy rating on the stock. Tenet Healthcare traded as high as $222.82 and last traded at $218.57, with a volume of 53735 shares. The stock had previously closed at $215.13.

A number of other equities analysts also recently issued reports on the stock. Morgan Stanley set a $232.00 price objective on shares of Tenet Healthcare and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Bank of America boosted their price target on shares of Tenet Healthcare from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tenet Healthcare in a research note on Monday, November 24th. The Goldman Sachs Group began coverage on Tenet Healthcare in a report on Tuesday, October 14th. They issued a “buy” rating and a $224.00 target price for the company. Finally, Raymond James Financial set a $245.00 price target on Tenet Healthcare in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.88.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 78,762 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total value of $15,026,214.36. Following the sale, the chief executive officer owned 368,683 shares of the company’s stock, valued at $70,337,342.74. The trade was a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $208.43, for a total transaction of $521,075.00. Following the sale, the director owned 8,792 shares in the company, valued at $1,832,516.56. The trade was a 22.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 122,084 shares of company stock worth $23,843,196. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Tenet Healthcare

Large investors have recently made changes to their positions in the stock. AlphaQuest LLC grew its stake in Tenet Healthcare by 230.8% during the second quarter. AlphaQuest LLC now owns 1,763 shares of the company’s stock valued at $310,000 after acquiring an additional 1,230 shares in the last quarter. 111 Capital bought a new position in shares of Tenet Healthcare in the second quarter worth $244,000. Royal Bank of Canada grew its position in Tenet Healthcare by 34.0% during the first quarter. Royal Bank of Canada now owns 119,349 shares of the company’s stock worth $16,052,000 after buying an additional 30,281 shares in the last quarter. Leith Wheeler Investment Counsel Ltd. lifted its position in Tenet Healthcare by 22.2% during the second quarter. Leith Wheeler Investment Counsel Ltd. now owns 82,813 shares of the company’s stock valued at $14,575,000 after purchasing an additional 15,019 shares during the last quarter. Finally, Cullen Frost Bankers Inc. raised its position in Tenet Healthcare by 46.6% during the second quarter. Cullen Frost Bankers Inc. now owns 601 shares of the company’s stock valued at $106,000 after purchasing an additional 191 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Trading Down 1.7%

The stock has a market capitalization of $18.56 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 0.94 and a beta of 1.44. The stock’s fifty day moving average price is $202.92 and its two-hundred day moving average price is $183.47. The company has a current ratio of 1.71, a quick ratio of 1.64 and a debt-to-equity ratio of 2.27.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, October 28th. The company reported $3.70 EPS for the quarter, topping the consensus estimate of $3.33 by $0.37. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.26 billion. Tenet Healthcare had a net margin of 6.49% and a return on equity of 25.11%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.93 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.930-16.26 EPS. Equities research analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

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.