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

M&G PLC bought a new stake in Tenet Healthcare Corporation (NYSE:THC) during the 3rd quarter, HoldingsChannel reports. The fund bought 57,066 shares of the company’s stock, valued at approximately $14,609,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaCore Capital LLC bought a new stake in shares of Tenet Healthcare during the 3rd quarter worth approximately $244,000. Leuthold Group LLC boosted its position in shares of Tenet Healthcare by 8.6% during the 3rd quarter. Leuthold Group LLC now owns 34,405 shares of the company’s stock worth $8,793,000 after acquiring an additional 2,730 shares in the last quarter. Retirement Systems of Alabama lifted its stake in Tenet Healthcare by 2.6% during the third quarter. Retirement Systems of Alabama now owns 153,307 shares of the company’s stock worth $39,179,000 after purchasing an additional 3,860 shares during the last quarter. Fulcrum Asset Management LLP acquired a new stake in shares of Tenet Healthcare in the 3rd quarter valued at $966,000. Finally, Ethic Inc. boosted its holdings in shares of Tenet Healthcare by 26.9% in the 3rd quarter. Ethic Inc. now owns 6,548 shares of the company’s stock valued at $1,673,000 after purchasing an additional 1,387 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 24,000 shares of the business’s 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 sale, the executive vice president directly owned 8,053 shares of the company’s stock, valued at $2,144,674.96. The trade was a 74.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard J. Mark sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $263.42, for a total value of $2,634,200.00. Following the transaction, the director directly owned 25,121 shares of the company’s stock, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 98,462 shares of company stock worth $26,788,234 over the last 90 days. 0.97% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. TD Cowen lifted their price target on Tenet Healthcare from $233.00 to $263.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Piper Sandler set a $308.00 price objective on Tenet Healthcare in a research report on Monday, July 27th. Stephens reaffirmed an “overweight” rating and issued a $285.00 price objective on shares of Tenet Healthcare in a research note on Monday, July 27th. Wells Fargo & Company lifted 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. Finally, KeyCorp boosted their target price on Tenet Healthcare from $270.00 to $300.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 3rd. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Moderate Buy” and an average price target of $293.48.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $290.16 on Wednesday. Tenet Healthcare Corporation has a fifty-two week low of $157.58 and a fifty-two week high of $301.44. 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 firm has a market capitalization of $23.09 billion, a P/E ratio of 8.42, a P/E/G ratio of 1.54 and a beta of 1.20. The company’s 50 day moving average price is $266.26 and its two-hundred day moving average price is $223.39.

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 firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $5.49 billion. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.70 earnings per share. On average, equities analysts forecast that Tenet Healthcare Corporation will post 22.32 earnings per share for the current fiscal 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.