Wipfli Financial Advisors LLC purchased a new stake in shares of Tenet Healthcare Co. (NYSE:THC – Get Rating) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 596 shares of the company’s stock, valued at approximately $31,000.
Other hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its stake in shares of Tenet Healthcare by 1,063.9% in the first quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock worth $36,000 after buying an additional 383 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Tenet Healthcare during the first quarter valued at approximately $36,000. Washington Trust Advisors Inc. raised its holdings in shares of Tenet Healthcare by 62.2% during the third quarter. Washington Trust Advisors Inc. now owns 746 shares of the company’s stock valued at $38,000 after acquiring an additional 286 shares during the last quarter. CoreCap Advisors LLC acquired a new position in shares of Tenet Healthcare during the second quarter valued at approximately $39,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Tenet Healthcare during the first quarter valued at approximately $78,000. Hedge funds and other institutional investors own 98.14% of the company’s stock.
Analyst Ratings Changes
THC has been the subject of several analyst reports. Loop Capital increased their price objective on Tenet Healthcare from $40.00 to $45.00 in a research report on Tuesday, December 6th. The Goldman Sachs Group reduced their price objective on Tenet Healthcare from $93.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, November 1st. SVB Leerink cut their price target on Tenet Healthcare from $89.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 25th. Bank of America cut their target price on Tenet Healthcare from $79.00 to $64.00 in a research report on Friday, October 21st. Finally, Citigroup lowered their price target on Tenet Healthcare from $99.00 to $76.00 and set a “buy” rating on the stock in a report on Tuesday, October 25th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $71.19.
Insider Activity at Tenet Healthcare
Tenet Healthcare Trading Down 3.1 %
Tenet Healthcare stock opened at $51.76 on Friday. The firm has a 50 day simple moving average of $46.78 and a 200-day simple moving average of $52.63. The company has a debt-to-equity ratio of 5.97, a current ratio of 1.40 and a quick ratio of 1.31. The stock has a market capitalization of $5.60 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 1.57 and a beta of 2.16. Tenet Healthcare Co. has a 12-month low of $36.69 and a 12-month high of $92.65.
Tenet Healthcare (NYSE:THC – Get Rating) last issued its earnings results on Thursday, October 20th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.16. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the firm posted $1.99 earnings per share. As a group, equities research analysts expect that Tenet Healthcare Co. will post 6.14 EPS for the current fiscal year.
Tenet Healthcare declared that its board has approved a share repurchase program on Thursday, October 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
About Tenet Healthcare
Tenet Healthcare Corp. engages in the provision of health care services. It operates through the following segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The Hospital Operations and Other segment consists of acute care hospitals, ancillary outpatient facilities, urgent care centers, microhospitals and physician practices.
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