Raymond James Financial Services Advisors Inc. Grows Stake in Tenet Healthcare Co. (NYSE:THC)

Raymond James Financial Services Advisors Inc. raised its stake in Tenet Healthcare Co. (NYSE:THCGet Rating) by 29.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 108,267 shares of the company’s stock after acquiring an additional 24,360 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Tenet Healthcare were worth $5,584,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in THC. Parkside Financial Bank & Trust lifted its stake in shares of Tenet Healthcare by 1,063.9% during the 1st quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock valued at $36,000 after buying an additional 383 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter valued at approximately $36,000. Washington Trust Advisors Inc. lifted its stake in shares of Tenet Healthcare by 62.2% during the 3rd quarter. Washington Trust Advisors Inc. now owns 746 shares of the company’s stock valued at $38,000 after buying an additional 286 shares in the last quarter. CoreCap Advisors LLC purchased a new stake in shares of Tenet Healthcare during the 2nd quarter valued at approximately $39,000. Finally, Point72 Hong Kong Ltd bought a new stake in Tenet Healthcare during the 1st quarter worth approximately $78,000. 98.14% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Up 1.0 %

Shares of Tenet Healthcare stock opened at $52.35 on Wednesday. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 1.58 and a beta of 2.16. The company has a debt-to-equity ratio of 5.97, a current ratio of 1.40 and a quick ratio of 1.31. Tenet Healthcare Co. has a 1 year low of $36.69 and a 1 year high of $92.65. The company has a 50-day moving average of $45.23 and a 200 day moving average of $52.75.

Tenet Healthcare (NYSE:THCGet Rating) last released its quarterly earnings data on Thursday, October 20th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.16. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.80 billion. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. Tenet Healthcare’s revenue was down 1.9% compared to the same quarter last year. During the same period last year, the business earned $1.99 EPS. As a group, sell-side analysts anticipate that Tenet Healthcare Co. will post 6.14 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has approved a share repurchase program on Thursday, October 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently weighed in on THC. The Goldman Sachs Group decreased their target price on shares of Tenet Healthcare from $93.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, November 1st. Truist Financial increased their target price on shares of Tenet Healthcare from $55.00 to $60.00 in a report on Tuesday, January 3rd. Citigroup dropped their price target on shares of Tenet Healthcare from $99.00 to $76.00 and set a “buy” rating for the company in a research report on Tuesday, October 25th. Stephens dropped their target price on shares of Tenet Healthcare from $65.00 to $45.00 and set an “equal weight” rating for the company in a research report on Monday, October 24th. Finally, Bank of America dropped their target price on shares of Tenet Healthcare from $79.00 to $64.00 in a research report on Friday, October 21st. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $71.19.

Insider Buying and Selling at Tenet Healthcare

In other news, CFO Daniel J. Cancelmi acquired 11,000 shares of Tenet Healthcare stock in a transaction on Wednesday, October 26th. The stock was acquired at an average cost of $43.07 per share, for a total transaction of $473,770.00. Following the purchase, the chief financial officer now owns 392,815 shares in the company, valued at $16,918,542.05. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Daniel J. Cancelmi purchased 11,000 shares of Tenet Healthcare stock in a transaction dated Wednesday, October 26th. The stock was purchased at an average cost of $43.07 per share, for a total transaction of $473,770.00. Following the completion of the purchase, the chief financial officer now directly owns 392,815 shares of the company’s stock, valued at approximately $16,918,542.05. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard W. Fisher sold 9,817 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, December 6th. The stock was sold at an average price of $43.86, for a total transaction of $430,573.62. Following the completion of the sale, the director now owns 24,545 shares of the company’s stock, valued at $1,076,543.70. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

About Tenet Healthcare

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Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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