Swedbank AB Invests $3.32 Million in Tenet Healthcare Co. (NYSE:THC)

Swedbank AB bought a new position in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 20,000 shares of the company’s stock, valued at approximately $3,324,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Optas LLC boosted its holdings in shares of Tenet Healthcare by 3.4% in the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after buying an additional 93 shares during the period. Signaturefd LLC boosted its holdings in shares of Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after buying an additional 94 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Tenet Healthcare by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock valued at $480,000 after buying an additional 94 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Tenet Healthcare by 20.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after buying an additional 96 shares during the period. Finally, First Citizens Bank & Trust Co. boosted its holdings in shares of Tenet Healthcare by 5.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock valued at $370,000 after buying an additional 109 shares during the period. Institutional investors own 95.44% of the company’s stock.

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 shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the business’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 transaction of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on THC. KeyCorp began coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. Royal Bank of Canada boosted their target price 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. Barclays boosted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a research note on Friday, November 22nd. Finally, Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $205.00 to $150.00 in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Buy” and an average target price of $168.19.

Tenet Healthcare Stock Down 2.5 %

NYSE THC opened at $141.94 on Thursday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The company’s 50 day simple moving average is $158.21 and its 200 day simple moving average is $148.45. Tenet Healthcare Co. has a 12 month low of $65.90 and a 12 month high of $171.20. The company has a market capitalization of $13.50 billion, a P/E ratio of 4.55, a PEG ratio of 0.64 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the previous year, the firm earned $1.44 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts expect that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

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.