Covestor Ltd Has $139,000 Stock Position in Tenet Healthcare Co. (NYSE:THC)

Covestor Ltd lowered its position in shares of Tenet Healthcare Co. (NYSE:THC) by 22.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 839 shares of the company’s stock after selling 244 shares during the period. Covestor Ltd’s holdings in Tenet Healthcare were worth $139,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in THC. Price T Rowe Associates Inc. MD grew its stake in shares of Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares in the last quarter. 8 Knots Management LLC grew its stake in Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after buying an additional 438,033 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Tenet Healthcare by 7,223.1% in the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares in the last quarter. Farallon Capital Management LLC lifted its position in shares of Tenet Healthcare by 70.1% during the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after buying an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Tenet Healthcare by 344.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after buying an additional 245,875 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on THC shares. UBS Group upped their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald upped their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Truist Financial reissued a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Wells Fargo & Company raised their target price on Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Citigroup increased their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $165.35.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $166.91 on Tuesday. Tenet Healthcare Co. has a 1-year low of $53.63 and a 1-year high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The stock has a market cap of $15.87 billion, a PE ratio of 5.35, a price-to-earnings-growth ratio of 0.74 and a beta of 2.15. The stock’s fifty day simple moving average is $159.45 and its two-hundred day simple moving average is $145.65.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.44 EPS. As a group, analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,203 shares of company stock worth $17,451,957 over the last three months. 0.93% of the stock is currently owned by insiders.

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.