57,066 Shares of Tenet Healthcare Corporation $THC Purchased by M&G PLC

M&G PLC bought a new stake in Tenet Healthcare Corporation (NYSE:THC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 57,066 shares of the company’s stock, valued at approximately $14,609,000. M&G PLC owned approximately 0.07% of Tenet Healthcare as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. AlphaCore Capital LLC acquired a new stake in shares of Tenet Healthcare in the third quarter valued at about $244,000. Leuthold Group LLC boosted its position in Tenet Healthcare by 8.6% during the third quarter. Leuthold Group LLC now owns 34,405 shares of the company’s stock valued at $8,793,000 after purchasing an additional 2,730 shares during the last quarter. Retirement Systems of Alabama grew its stake in Tenet Healthcare by 2.6% in the third quarter. Retirement Systems of Alabama now owns 153,307 shares of the company’s stock valued at $39,179,000 after purchasing an additional 3,860 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in shares of Tenet Healthcare during the 3rd quarter worth approximately $966,000. Finally, Ethic Inc. raised its stake in shares of Tenet Healthcare by 26.9% during the 3rd quarter. Ethic Inc. now owns 6,548 shares of the company’s stock worth $1,673,000 after purchasing an additional 1,387 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Raymond James Financial reissued an “outperform” rating and issued a $285.00 target price on shares of Tenet Healthcare in a research note on Friday, August 14th. Truist Financial reiterated a “buy” rating and issued a $305.00 price target (up from $290.00) on shares of Tenet Healthcare in a research note on Tuesday, November 3rd. Stephens reissued an “overweight” rating and set a $285.00 price target on shares of Tenet Healthcare in a research report on Monday, July 27th. Piper Sandler set a $308.00 price objective on Tenet Healthcare in a research report on Monday, July 27th. Finally, Morgan Stanley boosted their target price on Tenet Healthcare from $254.00 to $274.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Twenty research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Moderate Buy” and an average price target of $293.48.

Insiders Place Their Bets

In other Tenet Healthcare news, EVP Lisa Foo sold 24,000 shares of Tenet Healthcare stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $266.32, for a total value of $6,391,680.00. Following the completion of the sale, the executive vice president owned 8,053 shares in the company, valued at $2,144,674.96. The trade was a 74.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J. Robert Kerrey sold 12,010 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the completion of the sale, the director directly owned 4,794 shares of the company’s stock, valued at $1,264,273.68. This represents a 71.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 98,462 shares of company stock worth $26,788,234. 0.97% of the stock is currently owned by insiders.

Tenet Healthcare Stock Up 0.4%

THC stock opened at $290.16 on Wednesday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.58 and a quick ratio of 1.52. The stock has a market capitalization of $23.09 billion, a price-to-earnings ratio of 8.42, a PEG ratio of 1.54 and a beta of 1.20. The business’s fifty day moving average price is $266.26 and its two-hundred day moving average price is $223.39. Tenet Healthcare Corporation has a fifty-two week low of $157.58 and a fifty-two week high of $301.44.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.68 by $1.96. The company had revenue of $6.28 billion during the quarter, compared to the consensus estimate of $5.49 billion. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $3.70 earnings per share. On average, equities analysts anticipate that Tenet Healthcare Corporation will post 22.32 earnings per share for the current year.

Tenet Healthcare Profile

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company’s Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.