Wealthfront Advisers LLC Takes Position in Tenet Healthcare Co. (NYSE:THC)

Wealthfront Advisers LLC purchased a new stake in Tenet Healthcare Co. (NYSE:THC) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 547,088 shares of the company’s stock, valued at approximately $69,059,000. Wealthfront Advisers LLC owned approximately 0.58% of Tenet Healthcare as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC purchased a new position in Tenet Healthcare during the 4th quarter valued at about $343,000. Swedbank AB grew its holdings in shares of Tenet Healthcare by 100.0% during the fourth quarter. Swedbank AB now owns 40,000 shares of the company’s stock worth $5,049,000 after buying an additional 20,000 shares in the last quarter. Signet Financial Management LLC purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth about $1,526,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth about $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth about $5,892,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $126.21 on Tuesday. Tenet Healthcare Co. has a twelve month low of $90.03 and a twelve month high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The company has a market capitalization of $12.01 billion, a price-to-earnings ratio of 3.92, a PEG ratio of 1.02 and a beta of 2.06. The firm has a 50-day moving average of $132.68 and a two-hundred day moving average of $145.65.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. As a group, analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday, November 22nd. KeyCorp decreased their target price on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays reduced their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. Truist Financial reduced their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $163.88.

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.