Inspire Investing LLC Acquires 5,051 Shares of Tenet Healthcare Co. (NYSE:THC)

Inspire Investing LLC lifted its position in Tenet Healthcare Co. (NYSE:THC) by 148.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,449 shares of the company’s stock after purchasing an additional 5,051 shares during the quarter. Inspire Investing LLC’s holdings in Tenet Healthcare were worth $1,124,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after purchasing an additional 172,913 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Tenet Healthcare in the first quarter worth about $410,000. Hsbc Holdings PLC increased its stake in Tenet Healthcare by 113.0% during the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock worth $34,266,000 after acquiring an additional 240,611 shares during the last quarter. Finally, First Light Asset Management LLC bought a new stake in Tenet Healthcare during the fourth quarter worth approximately $14,706,000. 95.44% of the stock is owned by institutional investors.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Up 3.8 %

Shares of NYSE:THC opened at $167.23 on Friday. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $167.29. The stock has a market cap of $16.34 billion, a P/E ratio of 6.49, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. The business’s 50 day moving average is $151.81 and its 200 day moving average is $129.48. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Sell-side analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on THC. Truist Financial reissued a “buy” rating and set a $170.00 price objective (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research note on Monday, August 19th. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and an average target price of $152.69.

About Tenet Healthcare

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.