ClearAlpha Technologies LP Buys New Holdings in Tenet Healthcare Co. (NYSE:THC)

ClearAlpha Technologies LP acquired a new position in Tenet Healthcare Co. (NYSE:THC) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,797 shares of the company’s stock, valued at approximately $299,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Innealta Capital LLC acquired a new position in Tenet Healthcare during the second quarter valued at approximately $28,000. Plato Investment Management Ltd purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at $28,000. ORG Wealth Partners LLC purchased a new stake in Tenet Healthcare during the 3rd quarter worth $30,000. ORG Partners LLC acquired a new stake in Tenet Healthcare in the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. raised its position in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

THC has been the subject of a number of recent research reports. UBS Group increased their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price objective 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. Truist Financial restated 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. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research note on Friday, November 22nd. Finally, Cantor Fitzgerald raised their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Stock Performance

Shares of THC opened at $141.95 on Tuesday. The stock has a market capitalization of $13.50 billion, a PE ratio of 4.55, a price-to-earnings-growth ratio of 0.64 and a beta of 2.06. Tenet Healthcare Co. has a 12-month low of $67.78 and a 12-month high of $171.20. The business’s fifty day moving average price is $156.87 and its 200 day moving average price is $148.73. 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 announced 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 business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.44 EPS. Equities research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Insider Activity

In other news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 6,324 shares in the company, valued at approximately $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. 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.