Tenet Healthcare Corporation $THC Stock: Ritholtz Wealth Management Raises Holdings

Ritholtz Wealth Management boosted its stake in Tenet Healthcare Corporation (NYSE:THC) by 20.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,860 shares of the company’s stock after buying an additional 3,499 shares during the quarter. Ritholtz Wealth Management’s holdings in Tenet Healthcare were worth $5,331,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC raised its holdings in shares of Tenet Healthcare by 1.7% in the third quarter. Ashton Thomas Private Wealth LLC now owns 2,468 shares of the company’s stock worth $631,000 after acquiring an additional 42 shares during the last quarter. PeakShares LLC lifted its position in shares of Tenet Healthcare by 3.3% in the first quarter. PeakShares LLC now owns 1,693 shares of the company’s stock valued at $319,000 after acquiring an additional 54 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Tenet Healthcare by 4.4% during the third quarter. Parallel Advisors LLC now owns 1,282 shares of the company’s stock valued at $328,000 after acquiring an additional 54 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Tenet Healthcare by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 11,900 shares of the company’s stock valued at $2,246,000 after acquiring an additional 57 shares during the last quarter. Finally, MGO One Seven LLC increased its position in Tenet Healthcare by 2.5% during the 3rd quarter. MGO One Seven LLC now owns 2,566 shares of the company’s stock worth $656,000 after purchasing an additional 63 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Richard J. Mark sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $263.42, for a total value of $2,634,200.00. Following the transaction, the director owned 25,121 shares in the company, valued at approximately $6,617,373.82. This trade represents a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Saumya Sutaria sold 50,000 shares of Tenet Healthcare stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $278.71, for a total transaction of $13,935,500.00. Following the transaction, the chief executive officer directly owned 483,564 shares in the company, valued at approximately $134,774,122.44. This trade represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 98,462 shares of company stock worth $26,788,234. Company insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BMO Capital Markets started coverage on shares of Tenet Healthcare in a research note on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 target price for the company. Weiss Ratings raised shares of Tenet Healthcare from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. The Goldman Sachs Group reiterated a “buy” rating and set a $305.00 price target on shares of Tenet Healthcare in a report on Tuesday, July 28th. Raymond James Financial reissued an “outperform” rating and issued a $285.00 price objective on shares of Tenet Healthcare in a research report on Friday, August 14th. Finally, Bank of America upped their price objective on shares of Tenet Healthcare from $290.00 to $295.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Nineteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $296.65.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock opened at $286.86 on Friday. Tenet Healthcare Corporation has a twelve month low of $157.58 and a twelve month high of $301.44. The stock has a market capitalization of $22.83 billion, a P/E ratio of 8.32, a PEG ratio of 1.57 and a beta of 1.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76. The business’s fifty day moving average price is $267.37 and its 200 day moving average price is $224.39.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $6.64 EPS for the quarter, topping the consensus estimate of $4.68 by $1.96. The company had revenue of $6.28 billion during the quarter, compared to analyst estimates of $5.49 billion. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $3.70 earnings per share. As a group, research analysts anticipate that Tenet Healthcare Corporation will post 22.32 earnings per share for the current year.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company’s Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.