Tenet Healthcare Co. (NYSE:THC) Stock Holdings Lifted by Ritholtz Wealth Management

Ritholtz Wealth Management increased its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 15.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,800 shares of the company’s stock after acquiring an additional 2,466 shares during the quarter. Ritholtz Wealth Management’s holdings in Tenet Healthcare were worth $3,125,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of THC. Innealta Capital LLC acquired a new position in Tenet Healthcare during the 2nd quarter valued at approximately $28,000. Rise Advisors LLC bought a new position in shares of Tenet Healthcare during the first quarter worth about $29,000. ORG Partners LLC acquired a new stake in shares of Tenet Healthcare in the 2nd quarter worth about $31,000. Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare in the 2nd quarter worth about $34,000. Institutional investors own 95.44% of the company’s stock.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction 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 sale, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock worth $19,754,997 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

THC has been the subject of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Barclays increased their price target on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Citigroup upped their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Truist Financial reissued a “buy” rating and set a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Finally, Raymond James increased their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $155.47.

Tenet Healthcare Stock Up 2.0 %

THC stock opened at $155.82 on Friday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The firm has a market capitalization of $14.93 billion, a P/E ratio of 5.72, a P/E/G ratio of 0.78 and a beta of 2.14. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $171.20. The company’s 50 day simple moving average is $158.58 and its 200-day simple moving average is $136.73.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. The business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, equities research analysts anticipate that Tenet Healthcare Co. will post 10.73 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Tenet Healthcare Company 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.