Tenet Healthcare Co. (NYSE:THC) Shares Purchased by Precision Wealth Strategies LLC

Precision Wealth Strategies LLC raised its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 7.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,182 shares of the company’s stock after purchasing an additional 224 shares during the period. Precision Wealth Strategies LLC’s holdings in Tenet Healthcare were worth $529,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after acquiring an additional 790,684 shares during the last quarter. 8 Knots Management LLC boosted its holdings in Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after purchasing an additional 438,033 shares during the last quarter. Marshall Wace LLP boosted its holdings in Tenet Healthcare by 7.3% in the 2nd quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after purchasing an additional 48,626 shares during the last quarter. Farallon Capital Management LLC boosted its holdings in Tenet Healthcare by 7.8% in the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock valued at $91,450,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Integral Health Asset Management LLC boosted its holdings in Tenet Healthcare by 17.6% in the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after purchasing an additional 75,000 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 2.5 %

Shares of Tenet Healthcare stock opened at $159.73 on Tuesday. The company has a fifty day simple moving average of $159.94 and a 200-day simple moving average of $138.96. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $171.20. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock has a market cap of $15.60 billion, a price-to-earnings ratio of 6.20, a PEG ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.42. The business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, equities analysts forecast that Tenet Healthcare Co. will post 10.73 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on THC shares. Truist Financial boosted their price target on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 price target on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Barclays boosted their price target on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. UBS Group upped their target price on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Wells Fargo & Company upped their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Tenet Healthcare has an average rating of “Buy” and a consensus price target of $156.06.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s 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 completion of the sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. 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 accessible through this hyperlink. In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated 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 transaction, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 in the last 90 days. Company insiders own 0.93% of the company’s stock.

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.