BIP Wealth LLC Boosts Stake in Tenet Healthcare Co. (NYSE:THC)

BIP Wealth LLC grew its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 43.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,549 shares of the company’s stock after acquiring an additional 1,079 shares during the quarter. BIP Wealth LLC’s holdings in Tenet Healthcare were worth $590,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. lifted its stake in Tenet Healthcare by 11,670.3% during the third quarter. Meeder Asset Management Inc. now owns 4,355 shares of the company’s stock worth $724,000 after purchasing an additional 4,318 shares during the last quarter. Caprock Group LLC lifted its position in Tenet Healthcare by 9.4% in the 3rd quarter. Caprock Group LLC now owns 3,922 shares of the company’s stock worth $652,000 after buying an additional 337 shares during the last quarter. Pathstone Holdings LLC grew its position in Tenet Healthcare by 2.7% during the third quarter. Pathstone Holdings LLC now owns 8,973 shares of the company’s stock valued at $1,491,000 after acquiring an additional 233 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Tenet Healthcare by 8.7% in the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock worth $31,711,000 after acquiring an additional 15,200 shares during the last quarter. Finally, Mount Lucas Management LP grew its holdings in shares of Tenet Healthcare by 2.4% during the 3rd quarter. Mount Lucas Management LP now owns 9,785 shares of the company’s stock valued at $1,626,000 after purchasing an additional 228 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders sold 17,599 shares of company stock valued at $2,830,834. Insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Citigroup raised their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Truist Financial reissued a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Raymond James upped their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Finally, Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Trading Down 0.1 %

NYSE:THC opened at $153.35 on Wednesday. Tenet Healthcare Co. has a one year low of $62.70 and a one year high of $171.20. The company’s 50-day simple moving average is $159.55 and its 200 day simple moving average is $147.69. The firm has a market capitalization of $14.58 billion, a P/E ratio of 4.91, a PEG ratio of 0.70 and a beta of 2.15. 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 (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $1.44 EPS. As a group, analysts forecast that Tenet Healthcare Co. will post 11.37 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management 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.