Stifel Financial Corp Cuts Position in Tenet Healthcare Co. (NYSE:THC)

Stifel Financial Corp lessened its stake in Tenet Healthcare Co. (NYSE:THC) by 5.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,777 shares of the company’s stock after selling 1,541 shares during the quarter. Stifel Financial Corp’s holdings in Tenet Healthcare were worth $4,783,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in THC. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare during the 2nd quarter valued at approximately $28,000. Plato Investment Management Ltd acquired a new stake in Tenet Healthcare in the third quarter valued at $28,000. ORG Wealth Partners LLC acquired a new position in shares of Tenet Healthcare during the 3rd quarter worth $30,000. Blue Trust Inc. grew its stake 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 acquiring an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in Tenet Healthcare during the 2nd quarter valued at about $34,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $136.71 on Monday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 12 month low of $73.21 and a 12 month high of $171.20. The company has a market cap of $13.00 billion, a price-to-earnings ratio of 4.38, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. The stock’s 50-day moving average is $152.09 and its 200-day moving average is $149.38.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the business earned $1.44 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on THC. The Goldman Sachs Group raised their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group boosted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Raymond James cut Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective for the company. in a research report on Friday, November 22nd. Cantor Fitzgerald upped their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada boosted their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $168.19.

Insider Transactions at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.93% of the company’s stock.

About Tenet Healthcare

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.