Tenet Healthcare (NYSE:THC) Share Price Breaks Above 50-Day Moving Average – What’s Next?

Tenet Healthcare Corporation (NYSE:THC)’s stock price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $264.84 and traded as high as $271.61. Tenet Healthcare shares last traded at $267.7470, with a volume of 1,090,294 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. BMO Capital Markets began coverage on shares of Tenet Healthcare in a research note on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price objective for the company. The Goldman Sachs Group restated a “buy” rating and set a $305.00 target price on shares of Tenet Healthcare in a research note on Tuesday, July 28th. Barclays upped their target price on shares of Tenet Healthcare from $240.00 to $271.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Piper Sandler set a $308.00 price target on Tenet Healthcare in a research note on Monday, July 27th. Finally, Truist Financial raised their price target on Tenet Healthcare from $270.00 to $290.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $280.21.

Tenet Healthcare Stock Up 2.2%

The company has a current ratio of 1.41, a quick ratio of 1.35 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $21.56 billion, a P/E ratio of 10.33, a P/E/G ratio of 1.02 and a beta of 1.20. The company has a 50 day simple moving average of $264.84 and a two-hundred day simple moving average of $219.63.

Insider Activity

In other news, EVP Lisa Foo sold 24,000 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $266.32, for a total value of $6,391,680.00. Following the transaction, the executive vice president owned 8,053 shares of the company’s stock, valued at approximately $2,144,674.96. The trade was a 74.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Mark sold 10,000 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $263.42, for a total transaction of $2,634,200.00. Following the transaction, the director owned 25,121 shares of the company’s stock, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 106,484 shares of company stock valued at $28,898,063. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Tenet Healthcare

Several hedge funds have recently bought and sold shares of the stock. Manning & Napier Advisors LLC purchased a new position in Tenet Healthcare during the 2nd quarter valued at approximately $168,761,000. Arrowstreet Capital Limited Partnership increased its stake in Tenet Healthcare by 57.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after acquiring an additional 244,901 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Tenet Healthcare during the 2nd quarter worth approximately $106,342,000. Empowered Funds LLC raised its holdings in shares of Tenet Healthcare by 22.1% during the 1st quarter. Empowered Funds LLC now owns 284,753 shares of the company’s stock worth $53,736,000 after acquiring an additional 51,549 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of Tenet Healthcare by 3,478.7% during the 4th quarter. Hsbc Holdings PLC now owns 266,400 shares of the company’s stock valued at $53,269,000 after acquiring an additional 258,956 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

About Tenet Healthcare

Tenet Healthcare Corp. (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.