Park Avenue Securities LLC Buys 1,837 Shares of Tenet Healthcare Co. (NYSE:THC)

Park Avenue Securities LLC raised its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,190 shares of the company’s stock after acquiring an additional 1,837 shares during the quarter. Park Avenue Securities LLC’s holdings in Tenet Healthcare were worth $1,791,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in THC. Plato Investment Management Ltd bought a new position in shares of Tenet Healthcare during the third quarter valued at $28,000. ORG Wealth Partners LLC bought a new position in shares of Tenet Healthcare in the third quarter valued at about $30,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Tenet Healthcare in the second quarter valued at about $34,000. Financial Management Professionals Inc. raised its holdings in shares of Tenet Healthcare by 2,222.2% in the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock valued at $35,000 after buying an additional 200 shares during the last quarter. Finally, True Wealth Design LLC bought a new position in shares of Tenet Healthcare in the third quarter valued at about $38,000. 95.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on THC shares. Wells Fargo & Company cut Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. Barclays boosted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. Raymond James cut Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective for the company. in a report on Friday, November 22nd. Finally, KeyCorp dropped their price objective on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $165.00.

Insiders Place Their Bets

In related news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

Shares of THC opened at $130.86 on Friday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The stock has a 50 day simple moving average of $137.71 and a 200 day simple moving average of $148.03. Tenet Healthcare Co. has a 52-week low of $78.77 and a 52-week high of $171.20. The firm has a market capitalization of $12.44 billion, a PE ratio of 4.19, a P/E/G ratio of 0.58 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the firm earned $1.44 EPS. Tenet Healthcare’s quarterly revenue was up 1.1% compared to the same quarter last year. Sell-side analysts predict that Tenet Healthcare Co. will post 11.37 EPS for the current fiscal year.

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.