Shares of Tenet Healthcare Co. (NYSE:THC – Get Rating) were up 8.6% on Wednesday . The company traded as high as $59.94 and last traded at $59.85. Approximately 32,254 shares traded hands during trading, a decline of 97% from the average daily volume of 977,463 shares. The stock had previously closed at $55.12.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on THC. Loop Capital assumed coverage on Tenet Healthcare in a research note on Thursday, June 16th. They set a "buy" rating and a $80.00 price objective on the stock. UBS Group lowered their target price on Tenet Healthcare from $113.00 to $91.00 and set a "buy" rating on the stock in a report on Thursday, July 28th. StockNews.com cut Tenet Healthcare from a "buy" rating to a "hold" rating in a research note on Saturday, July 30th. SVB Leerink lifted their price target on Tenet Healthcare from $88.00 to $93.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 24th. Finally, Raymond James dropped their price target on Tenet Healthcare from $120.00 to $110.00 and set a "strong-buy" rating on the stock in a research note on Monday, July 11th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $92.69.

Tenet Healthcare Stock Performance

The company has a 50 day moving average price of $60.03 and a 200-day moving average price of $70.77. The company has a current ratio of 1.39, a quick ratio of 1.30 and a debt-to-equity ratio of 7.07. The company has a market cap of $6.47 billion, a P/E ratio of 7.32, a price-to-earnings-growth ratio of 1.03 and a beta of 2.45.

Insider Transactions at Tenet Healthcare

In other news, Director J Robert Kerrey sold 36,766 shares of the firm's stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $65.56, for a total transaction of $2,410,378.96. Following the transaction, the director now directly owns 48,798 shares of the company's stock, valued at $3,199,196.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Richard W. Fisher sold 7,439 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $62.92, for a total transaction of $468,061.88. Following the completion of the sale, the director now directly owns 34,362 shares in the company, valued at $2,162,057.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director J Robert Kerrey sold 36,766 shares of the firm's stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $65.56, for a total transaction of $2,410,378.96. Following the completion of the sale, the director now owns 48,798 shares of the company's stock, valued at $3,199,196.88. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Savant Capital LLC increased its position in shares of Tenet Healthcare by 3.5% during the first quarter. Savant Capital LLC now owns 4,785 shares of the company's stock valued at $411,000 after acquiring an additional 161 shares in the last quarter. Carolina Wealth Advisors LLC grew its position in Tenet Healthcare by 11.4% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 1,696 shares of the company's stock worth $89,000 after purchasing an additional 174 shares during the period. US Bancorp DE grew its position in Tenet Healthcare by 14.6% in the 1st quarter. US Bancorp DE now owns 1,428 shares of the company's stock worth $123,000 after purchasing an additional 182 shares during the period. CWM LLC grew its position in Tenet Healthcare by 10.4% in the 2nd quarter. CWM LLC now owns 1,992 shares of the company's stock worth $105,000 after purchasing an additional 187 shares during the period. Finally, State of Michigan Retirement System grew its position in Tenet Healthcare by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 27,393 shares of the company's stock worth $1,440,000 after purchasing an additional 200 shares during the period. Institutional investors own 97.38% of the company's stock.

About Tenet Healthcare

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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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