Redwood Investment Management LLC Acquires New Shares in Tenet Healthcare Co. (NYSE:THC)

Redwood Investment Management LLC bought a new position in Tenet Healthcare Co. (NYSE:THC) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,390 shares of the company’s stock, valued at approximately $1,513,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of THC. Rise Advisors LLC bought a new stake in shares of Tenet Healthcare during the 1st quarter worth $29,000. GAMMA Investing LLC purchased a new stake in Tenet Healthcare during the fourth quarter valued at about $52,000. FinTrust Capital Advisors LLC increased its position in shares of Tenet Healthcare by 108.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock worth $68,000 after acquiring an additional 467 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Tenet Healthcare in the 1st quarter worth approximately $78,000. Finally, Bellevue Group AG grew its stake in Tenet Healthcare by 106.7% during the 4th quarter. Bellevue Group AG now owns 1,447 shares of the company’s stock valued at $109,000 after acquiring an additional 747 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on THC. Robert W. Baird assumed coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $153.00 target price for the company. Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. The Goldman Sachs Group increased their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday. UBS Group lifted their target price on shares of Tenet Healthcare from $137.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $146.71.

Tenet Healthcare Stock Down 0.3 %

Shares of Tenet Healthcare stock traded down $0.46 during trading hours on Wednesday, reaching $149.70. 1,713,750 shares of the company’s stock were exchanged, compared to its average volume of 1,242,699. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $155.00. The stock has a market cap of $14.62 billion, a P/E ratio of 5.81, a P/E/G ratio of 0.78 and a beta of 2.15. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company has a 50 day moving average of $136.19 and a two-hundred day moving average of $112.42.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating the consensus estimate of $1.45 by $1.77. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 earnings per share. On average, sell-side analysts forecast that Tenet Healthcare Co. will post 10.68 EPS for the current fiscal year.

Tenet Healthcare announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Nadja West sold 1,782 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $126.41, for a total value of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares in the company, valued at approximately $3,751,848.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the transaction, the director now directly owns 14,759 shares in the company, valued at approximately $1,975,196.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Nadja West sold 1,782 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $126.41, for a total value of $225,262.62. Following the completion of the sale, the director now directly owns 29,680 shares of the company’s stock, valued at $3,751,848.80. The disclosure for this sale can be found here. Insiders have sold 16,543 shares of company stock worth $2,171,926 in the last 90 days. Company 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.