1,997 Shares in Tenet Healthcare Co. (NYSE:THC) Purchased by USA Financial Formulas

USA Financial Formulas bought a new position in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,997 shares of the company’s stock, valued at approximately $332,000.

Several other institutional investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new position in Tenet Healthcare during the 2nd quarter worth approximately $28,000. ORG Partners LLC acquired a new position in Tenet Healthcare during the second quarter valued at $31,000. Blue Trust Inc. boosted its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Tenet Healthcare during the 2nd quarter valued at about $34,000. Finally, Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare in the first quarter worth approximately $29,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare 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 owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated 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 sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is currently owned by company insiders.

Tenet Healthcare Trading Up 2.2 %

Tenet Healthcare stock opened at $154.00 on Thursday. The business’s 50-day simple moving average is $158.20 and its 200-day simple moving average is $136.01. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20. The firm has a market capitalization of $15.04 billion, a PE ratio of 5.98, a PEG ratio of 0.86 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Equities research analysts forecast that Tenet Healthcare Co. will post 10.72 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

THC has been the topic of several research reports. Citigroup upped their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. UBS Group raised their price target on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Truist Financial restated a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Finally, Raymond James boosted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $152.69.

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.