Legacy Capital Group California Inc. Purchases New Position in Tenet Healthcare Co. (NYSE:THC)

Legacy Capital Group California Inc. acquired a new stake in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 6,350 shares of the company’s stock, valued at approximately $1,055,000.

A number of other large investors also recently modified their holdings of THC. 180 Wealth Advisors LLC bought a new position in shares of Tenet Healthcare in the 1st quarter valued at about $241,000. Optas LLC acquired a new stake in Tenet Healthcare during the 1st quarter worth $237,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Tenet Healthcare by 8.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,236 shares of the company’s stock valued at $4,965,000 after purchasing an additional 3,869 shares during the period. State of Michigan Retirement System boosted its position in shares of Tenet Healthcare by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock worth $2,617,000 after purchasing an additional 500 shares during the last quarter. Finally, Silverlake Wealth Management LLC bought a new stake in Tenet Healthcare in the first quarter valued at about $223,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

THC opened at $151.03 on Friday. The firm has a market capitalization of $14.47 billion, a PE ratio of 5.54, a PEG ratio of 0.80 and a beta of 2.14. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $171.20. The business’s 50-day simple moving average is $160.19 and its 200 day simple moving average is $139.96. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. As a group, sell-side analysts expect that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their target price on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Citigroup lifted their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Finally, Truist Financial lifted their price objective on Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $157.24.

Insider Activity

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by company insiders.

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.