Tenet Healthcare Co. (NYSE:THC) Shares Sold by Foster & Motley Inc.

Foster & Motley Inc. decreased its holdings in Tenet Healthcare Co. (NYSE:THC) by 7.7% in the third quarter, Holdings Channel reports. The fund owned 3,479 shares of the company’s stock after selling 292 shares during the period. Foster & Motley Inc.’s holdings in Tenet Healthcare were worth $578,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Asset Management One Co. Ltd. increased its position in Tenet Healthcare by 80.7% during the third quarter. Asset Management One Co. Ltd. now owns 1,478 shares of the company’s stock worth $246,000 after purchasing an additional 660 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Tenet Healthcare by 5.9% during the third quarter. QRG Capital Management Inc. now owns 8,318 shares of the company’s stock worth $1,382,000 after purchasing an additional 462 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Tenet Healthcare in the 3rd quarter valued at about $3,599,000. Janney Montgomery Scott LLC boosted its stake in shares of Tenet Healthcare by 135.0% in the third quarter. Janney Montgomery Scott LLC now owns 19,478 shares of the company’s stock valued at $3,237,000 after purchasing an additional 11,188 shares during the period. Finally, Optas LLC grew its stake in shares of Tenet Healthcare by 3.4% in the third quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after acquiring an additional 93 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

THC has been the subject of a number of analyst reports. UBS Group boosted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company upped their price objective on Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday. Truist Financial restated a “buy” rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald boosted their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus target price of $164.24.

Tenet Healthcare Stock Up 5.1 %

Shares of NYSE:THC opened at $168.53 on Friday. Tenet Healthcare Co. has a 12-month low of $52.08 and a 12-month high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The stock’s 50-day moving average price is $159.44 and its two-hundred day moving average price is $144.02. The firm has a market cap of $16.03 billion, a price-to-earnings ratio of 5.40, a PEG ratio of 0.73 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data 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 return on equity of 24.05% and a net margin of 14.91%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the business posted $1.44 EPS. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare declared that its board has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 112,203 shares of company stock valued at $17,451,957. 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.