Tenet Healthcare Corporation $THC Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management grew its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 20.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,860 shares of the company’s stock after purchasing an additional 3,499 shares during the quarter. Ritholtz Wealth Management’s holdings in Tenet Healthcare were worth $5,331,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC grew its stake in shares of Tenet Healthcare by 1.7% in the third quarter. Ashton Thomas Private Wealth LLC now owns 2,468 shares of the company’s stock valued at $631,000 after buying an additional 42 shares in the last quarter. PeakShares LLC lifted its position in Tenet Healthcare by 3.3% during the 1st quarter. PeakShares LLC now owns 1,693 shares of the company’s stock worth $319,000 after acquiring an additional 54 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Tenet Healthcare by 4.4% in the 3rd quarter. Parallel Advisors LLC now owns 1,282 shares of the company’s stock worth $328,000 after acquiring an additional 54 shares during the period. Sanctuary Advisors LLC boosted its holdings in Tenet Healthcare by 0.5% in the 1st quarter. Sanctuary Advisors LLC now owns 11,900 shares of the company’s stock worth $2,246,000 after acquiring an additional 57 shares during the period. Finally, MGO One Seven LLC grew its position in Tenet Healthcare by 2.5% in the third quarter. MGO One Seven LLC now owns 2,566 shares of the company’s stock valued at $656,000 after acquiring an additional 63 shares in 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 a number of analyst reports. TD Cowen lifted their price objective on shares of Tenet Healthcare from $233.00 to $263.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Barclays upped their target price on shares of Tenet Healthcare from $271.00 to $297.00 and gave the company an “overweight” rating in a research note on Wednesday, November 4th. Zacks Research lowered shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 29th. Guggenheim dropped their price target on shares of Tenet Healthcare from $307.00 to $306.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Finally, BMO Capital Markets began coverage on shares of Tenet Healthcare in a report on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price objective on the stock. Nineteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and an average price target of $296.65.

Tenet Healthcare Price Performance

THC stock opened at $286.86 on Friday. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76. Tenet Healthcare Corporation has a 52-week low of $157.58 and a 52-week high of $301.44. The stock’s 50 day moving average is $267.37 and its two-hundred day moving average is $224.39. The company has a market capitalization of $22.83 billion, a PE ratio of 8.32, a P/E/G ratio of 1.57 and a beta of 1.20.

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

Insiders Place Their Bets

In related news, Director Richard Mark sold 10,000 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $263.42, for a total value of $2,634,200.00. Following the sale, the director directly owned 25,121 shares of the company’s stock, valued at $6,617,373.82. This represents a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nadja West sold 1,152 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $258.80, for a total transaction of $298,137.60. Following the completion of the sale, the director directly owned 23,653 shares in the company, valued at $6,121,396.40. This represents a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 98,462 shares of company stock valued at $26,788,234. 0.97% of the stock is owned by insiders.

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.