Great Valley Advisor Group Inc. Makes New $231,000 Investment in Tenet Healthcare Co. (NYSE:THC)

Great Valley Advisor Group Inc. bought a new stake in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 1,388 shares of the company’s stock, valued at approximately $231,000.

A number of other institutional investors have also added to or reduced their stakes in THC. B. Riley Wealth Advisors Inc. increased its holdings in Tenet Healthcare by 10.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,148 shares of the company’s stock valued at $436,000 after buying an additional 387 shares during the period. Tidal Investments LLC bought a new stake in Tenet Healthcare in the first quarter valued at about $2,213,000. Comerica Bank lifted its stake in Tenet Healthcare by 50.2% during the first quarter. Comerica Bank now owns 93,952 shares of the company’s stock worth $9,875,000 after purchasing an additional 31,406 shares during the period. Virtu Financial LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at approximately $1,240,000. Finally, Farallon Capital Management LLC raised its holdings in shares of Tenet Healthcare by 70.1% in the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after buying an additional 262,600 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on THC. 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 target for the company. Cantor Fitzgerald raised their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a research note on Friday, November 22nd. Finally, Truist Financial reissued a “buy” rating and set a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $168.19.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $141.94 on Thursday. The business has a 50-day moving average of $158.21 and a 200-day moving average of $148.45. Tenet Healthcare Co. has a 1 year low of $65.90 and a 1 year high of $171.20. The firm has a market capitalization of $13.50 billion, a P/E ratio of 4.59, a PEG ratio of 0.64 and a beta of 2.15. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the business posted $1.44 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current year.

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.