Fmr LLC Grows Stake in Tenet Healthcare Co. (NYSE:THC)

Fmr LLC boosted its position in shares of Tenet Healthcare Co. (NYSE:THC) by 88.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,700,693 shares of the company’s stock after purchasing an additional 3,604,161 shares during the quarter. Fmr LLC owned about 8.10% of Tenet Healthcare worth $1,279,855,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of THC. Innealta Capital LLC purchased a new position in Tenet Healthcare during the 2nd quarter worth $28,000. Plato Investment Management Ltd bought a new stake in Tenet Healthcare during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare during the 3rd quarter valued at $30,000. ORG Partners LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. boosted its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after acquiring an additional 120 shares in the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

NYSE THC opened at $145.59 on Wednesday. The stock has a 50-day simple moving average of $158.44 and a two-hundred day simple moving average of $148.32. The firm has a market capitalization of $13.85 billion, a P/E ratio of 4.66, a PEG ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a fifty-two week low of $65.90 and a fifty-two week high of $171.20. 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 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $1.44 EPS. On average, equities analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 64.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. The Goldman Sachs Group increased their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group increased 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. Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Wells Fargo & Company cut Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $205.00 to $150.00 in a research report on Monday. Finally, Truist Financial reissued a “buy” rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and an average target price of $168.19.

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.