Blueshift Asset Management LLC Purchases Shares of 6,272 Tenet Healthcare Co. (NYSE:THC)

Blueshift Asset Management LLC acquired a new position in shares of 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 acquired 6,272 shares of the company’s stock, valued at approximately $1,042,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. 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 during the last quarter. Signaturefd LLC increased its holdings in shares of Tenet Healthcare by 17.6% during the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after purchasing an additional 94 shares during the period. CIBC Asset Management Inc grew its position in Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after buying an additional 94 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Tenet Healthcare by 20.7% during the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after acquiring an additional 96 shares during the period. Finally, First Citizens Bank & Trust Co. lifted its position 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 worth $370,000 after acquiring an additional 109 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Cantor Fitzgerald boosted their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. 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 note on Wednesday, October 30th. Barclays upped 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. KeyCorp began coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. Finally, Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price target 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 given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $168.19.

Tenet Healthcare Stock Up 1.6 %

Shares of THC opened at $145.59 on Wednesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare Co. has a 52 week low of $65.90 and a 52 week high of $171.20. The firm has a market capitalization of $13.85 billion, a price-to-earnings ratio of 4.66, a PEG ratio of 0.64 and a beta of 2.15. The business’s fifty day moving average price is $158.44 and its two-hundred day moving average price is $148.32.

Tenet Healthcare (NYSE:THC) last issued its 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 company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.44 EPS. On average, analysts predict that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction on 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 owns 15,566 shares in the company, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.