Provenance Wealth Advisors LLC Makes New $539,000 Investment in Tenet Healthcare Corporation $THC

Provenance Wealth Advisors LLC purchased a new position in Tenet Healthcare Corporation (NYSE:THC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,111 shares of the company’s stock, valued at approximately $539,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in shares of Tenet Healthcare during the 3rd quarter valued at about $26,000. Mather Group LLC. lifted its holdings in Tenet Healthcare by 126.9% in 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. Trust Co. of Vermont bought a new position in Tenet Healthcare in the second quarter worth about $37,000. MADDEN SECURITIES Corp acquired a new position in Tenet Healthcare in the third quarter valued at approximately $38,000. Finally, Compass Financial Management LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $57,000. 95.44% of the stock is owned by institutional investors and hedge funds.

More Tenet Healthcare News

Here are the key news stories impacting Tenet Healthcare this week:

• Positive Sentiment: Truist Financial reaffirmed its “Buy” rating on Tenet, signaling continued confidence in the company. Tenet Healthcare Stock Rating Reaffirmed as Buy by Truist Financial
• Positive Sentiment: KeyCorp, Wells Fargo, Leerink Partners and Royal Bank of Canada were also reported to expect potential appreciation in Tenet shares, adding to the positive analyst tone. KeyCorp Forecasts Strong Price Appreciation Wells Fargo Analyst Expects Tenet Stock to Rise Leerink Partners Forecasts Price Appreciation Royal Bank of Canada Forecasts Price Appreciation
• Positive Sentiment: Barclays raised its price target to $297 from $271 and maintained an “overweight” rating. The revised target suggests approximately 3.5% upside from the cited share price. Barclays Raises Tenet Price Target
• Neutral Sentiment: A report linked a sharp hospital-stock rally to investor expectations of policy relief after Democrats took Congress. Any benefit for Tenet is uncertain: the article notes that action would still require congressional approval, a presidential signature and resolution of a December funding fight. Hospital Stocks Soared as Democrats Took Congress
• Neutral Sentiment: Zacks described THC as a trending stock but offered general information rather than a distinct new company catalyst. Tenet Healthcare Is a Trending Stock

Analysts Set New Price Targets

A number of brokerages have recently weighed in on THC. Raymond James Financial reiterated an “outperform” rating and set a $285.00 price target on shares of Tenet Healthcare in a research report on Friday, August 14th. TD Cowen raised their price target on Tenet Healthcare from $233.00 to $263.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Morgan Stanley boosted their price objective on Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Piper Sandler set a $308.00 price objective on Tenet Healthcare in a research note on Monday, July 27th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Tenet Healthcare from $260.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $293.48.

Tenet Healthcare Trading Down 1.8%

Tenet Healthcare stock opened at $286.89 on Friday. Tenet Healthcare Corporation has a 52-week low of $157.58 and a 52-week high of $301.44. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $22.83 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 1.56 and a beta of 1.20. The firm has a 50-day moving average price of $265.00 and a two-hundred day moving average price of $221.94.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $6.64 EPS for the quarter, beating the consensus estimate 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 net margin of 13.09% and a return on equity of 28.22%. Tenet Healthcare’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $3.70 earnings per share. Sell-side analysts expect that Tenet Healthcare Corporation will post 22.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Saumya Sutaria sold 50,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $278.71, for a total value of $13,935,500.00. Following the completion of the transaction, the chief executive officer directly owned 483,564 shares of the company’s stock, valued at $134,774,122.44. This represents a 9.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard Mark sold 10,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director owned 25,121 shares in the company, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 98,462 shares of company stock worth $26,788,234. 0.97% of the stock is owned by company insiders.

Tenet Healthcare Profile

Tenet Healthcare Corp. (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.