Tenet Healthcare Corporation $THC Stock Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama increased its position in Tenet Healthcare Corporation (NYSE:THC) by 2.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,307 shares of the company’s stock after buying an additional 3,860 shares during the period. Retirement Systems of Alabama owned 0.19% of Tenet Healthcare worth $39,179,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in Tenet Healthcare during the third quarter valued at $26,000. Mather Group LLC. increased its stake in Tenet Healthcare by 126.9% during the third quarter. Mather Group LLC. now owns 118 shares of the company’s stock worth $30,000 after acquiring an additional 66 shares during the last quarter. MADDEN SECURITIES Corp bought a new stake in Tenet Healthcare during the third quarter worth approximately $38,000. Trust Co. of Vermont bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at approximately $37,000. Finally, Fortitude Family Office LLC lifted its stake in shares of Tenet Healthcare by 52.1% in the 3rd quarter. Fortitude Family Office LLC now owns 222 shares of the company’s stock valued at $57,000 after purchasing an additional 76 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

THC has been the topic of several analyst reports. Wells Fargo & Company boosted their target price on Tenet Healthcare from $281.00 to $321.00 and gave the company an “overweight” rating in a research report on Monday, November 2nd. Piper Sandler set a $308.00 price target on Tenet Healthcare in a research report on Monday, July 27th. Truist Financial reaffirmed a “buy” rating and set a $305.00 price objective (up from $290.00) on shares of Tenet Healthcare in a research note on Tuesday, November 3rd. Mizuho set a $305.00 price objective on shares of Tenet Healthcare in a research report on Monday, November 2nd. Finally, Wall Street Zen raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Twenty analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Tenet Healthcare has an average rating of “Moderate Buy” and a consensus price target of $293.48.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard J. Mark sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $263.42, for a total transaction of $2,634,200.00. Following the transaction, the director directly owned 25,121 shares in the company, valued at approximately $6,617,373.82. This trade represents a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa Y. Foo sold 24,000 shares of Tenet Healthcare stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $266.32, for a total transaction of $6,391,680.00. Following the transaction, the executive vice president directly owned 8,053 shares in the company, valued at approximately $2,144,674.96. The trade was a 74.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In 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 company insiders.

Tenet Healthcare Stock Up 0.4%

NYSE:THC opened at $290.16 on Wednesday. The company has a market cap of $23.09 billion, a price-to-earnings ratio of 8.42, a price-to-earnings-growth ratio of 1.54 and a beta of 1.20. Tenet Healthcare Corporation has a twelve month low of $157.58 and a twelve month high of $301.44. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76. The stock has a fifty day simple moving average of $266.26 and a 200-day simple moving average of $223.39.

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

About Tenet Healthcare

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.