Financial Strategies Group Inc. Acquires 144 Shares of Tenet Healthcare Co. (NYSE:THC)

Financial Strategies Group Inc. grew its holdings in Tenet Healthcare Co. (NYSE:THC) by 6.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,435 shares of the company’s stock after purchasing an additional 144 shares during the quarter. Financial Strategies Group Inc.’s holdings in Tenet Healthcare were worth $378,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. ORG Wealth Partners LLC purchased a new stake in Tenet Healthcare during the third quarter worth $30,000. Financial Management Professionals Inc. lifted its stake in shares of Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock worth $35,000 after purchasing an additional 200 shares during the last quarter. Innealta Capital LLC purchased a new position in Tenet Healthcare in the second quarter valued at about $28,000. ORG Partners LLC bought a new position in Tenet Healthcare in the second quarter worth about $31,000. Finally, Blue Trust Inc. boosted its holdings in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the completion of the sale, the executive vice president now owns 21,426 shares in the company, valued at approximately $3,342,456. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,203 shares of company stock valued at $17,451,957. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE THC opened at $168.53 on Friday. The firm has a market capitalization of $16.03 billion, a P/E ratio of 5.40, a PEG ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a fifty-two week low of $52.08 and a fifty-two week high of $171.20. The stock has a 50-day simple moving average of $159.44 and a two-hundred day simple moving average of $144.02. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the firm posted $1.44 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on THC shares. Wells Fargo & Company increased their target price on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Truist Financial reissued a “buy” rating and issued a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Finally, Royal Bank of Canada increased their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and an average price target of $164.24.

Tenet Healthcare 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.