Swiss National Bank Purchases 15,200 Shares of Tenet Healthcare Co. (NYSE:THC)

Swiss National Bank boosted its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 8.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,800 shares of the company’s stock after buying an additional 15,200 shares during the period. Swiss National Bank owned about 0.20% of Tenet Healthcare worth $31,711,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Tenet Healthcare by 11.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares during the period. 8 Knots Management LLC raised its stake in Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after acquiring an additional 438,033 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after purchasing an additional 321,789 shares during the last quarter. Farallon Capital Management LLC raised its stake in shares of Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock valued at $67,002,000 after acquiring an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Tenet Healthcare by 344.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after buying an additional 245,875 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,599 shares of company stock valued at $2,830,834 in the last ninety days. 0.93% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on THC shares. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Truist Financial reiterated a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Cantor Fitzgerald raised their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Stock Down 1.0 %

Tenet Healthcare stock opened at $151.88 on Thursday. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The stock has a market cap of $14.44 billion, a P/E ratio of 4.87, a P/E/G ratio of 0.70 and a beta of 2.15. The company’s 50-day moving average price is $159.44 and its two-hundred day moving average price is $147.72. Tenet Healthcare Co. has a twelve month low of $64.65 and a twelve month high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.44 earnings per share. As a group, analysts expect that Tenet Healthcare Co. will post 11.37 EPS for the current year.

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

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.