Tenet Healthcare Co. (NYSE:THC) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC lessened its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 42.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,786 shares of the company’s stock after selling 1,300 shares during the quarter. Private Advisor Group LLC’s holdings in Tenet Healthcare were worth $297,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC raised its stake in shares of Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after buying an additional 94 shares in the last quarter. Fortis Group Advisors LLC raised its stake in shares of Tenet Healthcare by 6.6% in the 3rd quarter. Fortis Group Advisors LLC now owns 2,780 shares of the company’s stock worth $462,000 after buying an additional 173 shares in the last quarter. Precision Wealth Strategies LLC raised its stake in shares of Tenet Healthcare by 7.6% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,182 shares of the company’s stock worth $529,000 after buying an additional 224 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Tenet Healthcare by 344.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after buying an additional 245,875 shares in the last quarter. Finally, Raymond James & Associates raised its position in shares of Tenet Healthcare by 24.9% during the third quarter. Raymond James & Associates now owns 130,485 shares of the company’s stock worth $21,687,000 after purchasing an additional 26,011 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analyst Ratings Changes

THC has been the topic of a number of recent analyst reports. Truist Financial reaffirmed a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Royal Bank of Canada upped their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Raymond James upped their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Barclays upped their price target on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $164.24.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock opened at $160.36 on Thursday. The firm has a fifty day simple moving average of $159.42 and a 200-day simple moving average of $143.73. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare Co. has a 1-year low of $52.08 and a 1-year high of $171.20. The stock has a market capitalization of $15.25 billion, a price-to-earnings ratio of 5.14, a PEG ratio of 0.73 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. Tenet Healthcare’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.44 earnings per share. On average, sell-side analysts expect that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,203 shares of company stock worth $17,451,957 in the last ninety days. 0.93% of the stock is currently owned by insiders.

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.