Tenet Healthcare Co. (NYSE:THC) Shares Purchased by Cerity Partners LLC

Cerity Partners LLC raised its position in shares of Tenet Healthcare Co. (NYSE:THC) by 67.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,056 shares of the company’s stock after buying an additional 12,480 shares during the period. Cerity Partners LLC’s holdings in Tenet Healthcare were worth $5,162,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its position in Tenet Healthcare by 10.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,148 shares of the company’s stock valued at $436,000 after acquiring an additional 387 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Tenet Healthcare in the first quarter valued at approximately $2,213,000. Comerica Bank lifted its holdings in Tenet Healthcare by 50.2% during the 1st quarter. Comerica Bank now owns 93,952 shares of the company’s stock worth $9,875,000 after buying an additional 31,406 shares in the last quarter. Cetera Investment Advisers purchased a new position in Tenet Healthcare in the 1st quarter valued at approximately $1,772,000. Finally, Cetera Advisors LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth $227,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is owned by insiders.

Tenet Healthcare Price Performance

THC stock opened at $141.98 on Friday. The business has a 50 day simple moving average of $157.82 and a 200-day simple moving average of $148.41. The company has a market capitalization of $13.50 billion, a P/E ratio of 4.55, a PEG ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a twelve month low of $65.90 and a twelve month 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.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm posted $1.44 EPS. Tenet Healthcare’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on THC shares. Truist Financial restated a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Barclays raised their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Raymond James cut shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday, November 22nd. Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $205.00 to $150.00 in a research report on Monday. Finally, Cantor Fitzgerald raised their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $168.19.

About Tenet Healthcare

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.