Tenet Healthcare (NYSE:THC) Sets New 1-Year High After Earnings Beat

Tenet Healthcare Corporation (NYSE:THC) shares reached a new 52-week high on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $248.04 and last traded at $247.9250, with a volume of 1050291 shares changing hands. The stock had previously closed at $233.20.

The company reported $6.12 earnings per share for the quarter, beating the consensus estimate of $4.26 by $1.86. The business had revenue of $6.04 billion during the quarter, compared to the consensus estimate of $5.43 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.02 EPS.

Analysts Set New Price Targets

Several research analysts recently issued reports on THC shares. Robert W. Baird cut their price target on shares of Tenet Healthcare from $245.00 to $210.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Piper Sandler set a $308.00 target price on Tenet Healthcare in a research note on Monday. Barclays lifted their price target on Tenet Healthcare from $240.00 to $271.00 and gave the company an “overweight” rating in a research note on Friday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tenet Healthcare in a research report on Monday. Finally, Stephens restated an “overweight” rating and set a $285.00 target price on shares of Tenet Healthcare in a research report on Monday. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.90.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Nadja West sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $177.35, for a total value of $532,050.00. Following the transaction, the director directly owned 24,805 shares in the company, valued at approximately $4,399,166.75. This represents a 10.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director J Robert Kerrey sold 5,638 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $174.52, for a total transaction of $983,943.76. Following the sale, the director owned 16,804 shares in the company, valued at approximately $2,932,634.08. This trade represents a 25.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.97% of the stock is owned by corporate insiders.

Institutional Trading of Tenet Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management acquired a new position in shares of Tenet Healthcare during the 3rd quarter valued at about $25,000. Activest Wealth Management purchased a new stake in Tenet Healthcare in the fourth quarter valued at approximately $26,000. Elyxium Wealth LLC acquired a new position in Tenet Healthcare during the fourth quarter worth approximately $29,000. Meeder Asset Management Inc. boosted its holdings in shares of Tenet Healthcare by 146.2% in the 4th quarter. Meeder Asset Management Inc. now owns 192 shares of the company’s stock valued at $38,000 after purchasing an additional 114 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Tenet Healthcare during the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 6.5%

The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.35 and a current ratio of 1.41. The firm has a market capitalization of $21.39 billion, a price-to-earnings ratio of 9.58, a P/E/G ratio of 1.61 and a beta of 1.27. The business has a fifty day moving average price of $185.16 and a 200 day moving average price of $197.55.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.