BIP Wealth LLC Buys 1,079 Shares of Tenet Healthcare Co. (NYSE:THC)

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Capital Group California Inc. purchased a new stake in shares of Tenet Healthcare during the third quarter worth about $1,055,000. Diversified Trust Co purchased a new stake in Tenet Healthcare during the 2nd quarter valued at approximately $558,000. O Shaughnessy Asset Management LLC raised its position in shares of Tenet Healthcare by 31.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company’s stock valued at $2,961,000 after buying an additional 6,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock worth $1,701,000 after acquiring an additional 7,078 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Tenet Healthcare during the second quarter valued at $477,000. Institutional investors own 95.44% of the company’s stock.

Analyst Upgrades and Downgrades

THC has been the subject of a number of research analyst reports. KeyCorp began coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Citigroup lifted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Truist Financial reiterated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report 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 research note on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $170.38.

Tenet Healthcare Trading Down 0.1 %

Shares of NYSE THC opened at $153.35 on Wednesday. The business’s 50 day moving average price is $159.55 and its 200-day moving average price is $147.69. Tenet Healthcare Co. has a fifty-two week low of $62.70 and a fifty-two week high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The company 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 earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $1.44 earnings per share. On average, sell-side analysts expect that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 12.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the insider now 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 a total of 17,599 shares of company stock valued at $2,830,834 in the last ninety days. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare 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.