Illinois Municipal Retirement Fund Purchases 4,832 Shares of Tenet Healthcare Co. (NYSE:THC)

Illinois Municipal Retirement Fund raised its position in shares of Tenet Healthcare Co. (NYSE:THC) by 40.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,709 shares of the company’s stock after purchasing an additional 4,832 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Tenet Healthcare were worth $1,263,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of THC. BW Gestao de Investimentos Ltda. lifted its holdings in shares of Tenet Healthcare by 288.4% in the 3rd quarter. BW Gestao de Investimentos Ltda. now owns 468,871 shares of the company’s stock valued at $30,894,000 after acquiring an additional 348,151 shares during the last quarter. Polar Capital Holdings Plc increased its position in shares of Tenet Healthcare by 211.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 336,403 shares of the company’s stock valued at $22,166,000 after purchasing an additional 228,508 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Tenet Healthcare by 7,151.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 189,259 shares of the company’s stock valued at $12,470,000 after buying an additional 186,649 shares during the period. abrdn plc purchased a new position in Tenet Healthcare during the fourth quarter worth $11,265,000. Finally, Leith Wheeler Investment Counsel Ltd. increased its position in Tenet Healthcare by 139.6% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 225,373 shares of the company’s stock valued at $17,031,000 after acquiring an additional 131,300 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on THC shares. Royal Bank of Canada lifted their price target on shares of Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Wells Fargo & Company boosted their target price on Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $104.00 price target on shares of Tenet Healthcare in a report on Wednesday, April 10th. TheStreet raised Tenet Healthcare from a “c+” rating to a “b-” rating in a research report on Tuesday, February 6th. Finally, Barclays started coverage on Tenet Healthcare in a research report on Wednesday, March 6th. They set an “overweight” rating and a $113.00 target price for the company. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and an average price target of $100.38.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $96.13 on Friday. The company’s 50 day moving average is $98.22 and its 200 day moving average is $80.54. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 3.08 and a beta of 2.08. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $107.80.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $1.10. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The firm had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the prior year, the business posted $1.96 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, sell-side analysts anticipate that Tenet Healthcare Co. will post 6.3 EPS for the current fiscal year.

Insider Activity

In related news, EVP Thomas W. Arnst sold 17,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the completion of the sale, the executive vice president now owns 8,148 shares of the company’s stock, valued at $772,756.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Thomas W. Arnst sold 17,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the completion of the sale, the executive vice president now owns 8,148 shares in the company, valued at approximately $772,756.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the transaction, the executive vice president now owns 29,803 shares in the company, valued at $2,889,698.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,268 shares of company stock worth $4,944,810. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Company 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.