Tenet Healthcare Co. (NYSE:THC) Shares Purchased by Atria Investments Inc

Atria Investments Inc raised its holdings in Tenet Healthcare Co. (NYSE:THC) by 31.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,871 shares of the company’s stock after buying an additional 935 shares during the period. Atria Investments Inc’s holdings in Tenet Healthcare were worth $643,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in THC. Assetmark Inc. lifted its holdings in shares of Tenet Healthcare by 190.3% in the 3rd quarter. Assetmark Inc. now owns 5,446 shares of the company’s stock valued at $905,000 after purchasing an additional 3,570 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Tenet Healthcare during the 3rd quarter valued at approximately $87,000. Financial Strategies Group Inc. increased its holdings in shares of Tenet Healthcare by 6.3% in the third quarter. Financial Strategies Group Inc. now owns 2,435 shares of the company’s stock valued at $378,000 after purchasing an additional 144 shares during the period. Beacon Harbor Wealth Advisors Inc. purchased a new position in Tenet Healthcare in the 3rd quarter valued at $6,395,000. Finally, Concurrent Investment Advisors LLC raised its holdings in Tenet Healthcare by 7.8% during the third quarter. Concurrent Investment Advisors LLC now owns 2,933 shares of the company’s stock worth $487,000 after purchasing an additional 213 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $1,024,867.44. This represents a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,599 shares of company stock valued at $2,830,834 over the last 90 days. 0.93% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on THC. The Goldman Sachs Group lifted their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Truist Financial reaffirmed a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Citigroup increased their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $170.38.

Tenet Healthcare Stock Down 0.1 %

THC stock opened at $153.35 on Wednesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 1-year low of $62.70 and a 1-year high of $171.20. The firm has a fifty day moving average price of $159.55 and a two-hundred day moving average price of $147.69. The firm has a market cap of $14.58 billion, a price-to-earnings ratio of 4.91, a PEG ratio of 0.70 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data 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. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the company earned $1.44 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts predict that Tenet Healthcare Co. will post 11.37 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.