Estate Counselors LLC Makes New Investment in Tenet Healthcare Co. (NYSE:THC)

Estate Counselors LLC purchased a new stake in Tenet Healthcare Co. (NYSE:THC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 10,785 shares of the company’s stock, valued at approximately $1,792,000.

A number of other large investors have also added to or reduced their stakes in the stock. 8 Knots Management LLC boosted its holdings in shares of Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after acquiring an additional 438,033 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares during the period. Farallon Capital Management LLC boosted its holdings in Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock valued at $67,002,000 after acquiring an additional 262,600 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Tenet Healthcare by 344.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after purchasing an additional 245,875 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. raised its stake in Tenet Healthcare by 335.8% during the first quarter. Kingdon Capital Management L.L.C. now owns 278,700 shares of the company’s stock worth $29,294,000 after buying an additional 214,750 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,599 shares of company stock worth $2,830,834 in the last 90 days. 0.93% of the stock is owned by company insiders.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $143.63 on Friday. Tenet Healthcare Co. has a one year low of $65.90 and a one year high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The firm has a market capitalization of $13.66 billion, a price-to-earnings ratio of 4.60, a PEG ratio of 0.66 and a beta of 2.15. The company’s fifty day moving average price is $158.86 and its 200-day moving average price is $148.04.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.44 EPS. On average, equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research note on Friday. Cantor Fitzgerald raised their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Truist Financial reissued a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Royal Bank of Canada increased their price target on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, UBS Group boosted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $171.63.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.