Tenet Healthcare Co. (NYSE:THC) Shares Bought by Empowered Funds LLC

Empowered Funds LLC increased its stake in Tenet Healthcare Co. (NYSE:THC) by 63.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,161 shares of the company’s stock after buying an additional 32,387 shares during the period. Empowered Funds LLC’s holdings in Tenet Healthcare were worth $13,821,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $537,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Tenet Healthcare by 18.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 5,709 shares of the company’s stock worth $600,000 after buying an additional 880 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Tenet Healthcare by 73.0% in the 1st quarter. SG Americas Securities LLC now owns 6,206 shares of the company’s stock valued at $652,000 after acquiring an additional 2,619 shares during the last quarter. QRG Capital Management Inc. bought a new position in Tenet Healthcare during the first quarter worth $276,000. Finally, Banco Santander S.A. acquired a new position in Tenet Healthcare in the first quarter worth $448,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on THC. The Goldman Sachs Group raised their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Raymond James lifted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Citigroup increased 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. Barclays upped their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Truist Financial reiterated a “buy” rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. One equities 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 company’s stock. According to MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and an average target price of $170.38.

Insider Buying and Selling

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard W. Fisher sold 2,000 shares of the business’s 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 sale, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,599 shares of company stock worth $2,830,834. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $160.63 on Friday. Tenet Healthcare Co. has a 1 year low of $57.65 and a 1 year 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 stock has a fifty day moving average price of $159.54 and a two-hundred day moving average price of $146.36. The firm has a market cap of $15.28 billion, a P/E ratio of 5.21, a PEG ratio of 0.73 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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion for 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%. Tenet Healthcare’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.44 earnings per share. Research analysts forecast that Tenet Healthcare Co. will post 11.38 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 permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.