EverSource Wealth Advisors LLC Purchases 96 Shares of Tenet Healthcare Co. (NYSE:THC)

EverSource Wealth Advisors LLC lifted its position in Tenet Healthcare Co. (NYSE:THC) by 20.7% in the second quarter, HoldingsChannel.com reports. The firm owned 560 shares of the company’s stock after acquiring an additional 96 shares during the period. EverSource Wealth Advisors LLC’s holdings in Tenet Healthcare were worth $74,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tenet Healthcare by 0.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after acquiring an additional 90 shares during the period. Violich Capital Management Inc. lifted its stake in Tenet Healthcare by 3.2% during the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock worth $355,000 after purchasing an additional 105 shares during the period. GAMMA Investing LLC grew its stake in shares of Tenet Healthcare by 17.0% in the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after purchasing an additional 106 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Tenet Healthcare by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after buying an additional 115 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Down 1.1 %

Shares of NYSE THC opened at $163.13 on Friday. The firm has a market capitalization of $15.63 billion, a PE ratio of 6.33, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $171.20. The firm’s 50-day moving average is $156.42 and its 200-day moving average is $132.62.

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 company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Equities analysts expect that Tenet Healthcare Co. will post 10.72 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on THC shares. Citigroup lifted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Raymond James upped their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Truist Financial reaffirmed a “buy” rating and set a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Finally, StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $152.69.

Insider Activity

In related news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction that occurred on 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 transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the transaction, the executive vice president now owns 21,426 shares of the company’s stock, valued at approximately $3,342,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,203 shares of company stock valued at $19,754,997. 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.