Louisiana State Employees Retirement System Purchases Shares of 28,500 Tenet Healthcare Co. (NYSE:THC)

Louisiana State Employees Retirement System purchased a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 28,500 shares of the company’s stock, valued at approximately $2,154,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its holdings in Tenet Healthcare by 1,063.9% during the first quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock valued at $36,000 after purchasing an additional 383 shares during the last quarter. Lazard Asset Management LLC acquired a new position in Tenet Healthcare during the first quarter valued at approximately $36,000. Belpointe Asset Management LLC boosted its position in shares of Tenet Healthcare by 94.1% in the first quarter. Belpointe Asset Management LLC now owns 588 shares of the company’s stock valued at $35,000 after acquiring an additional 285 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Tenet Healthcare by 46.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 629 shares of the company’s stock valued at $31,000 after acquiring an additional 199 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $78,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on THC shares. Barclays started coverage on Tenet Healthcare in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 price objective for the company. Wells Fargo & Company raised their target price on Tenet Healthcare from $105.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Truist Financial raised their target price on Tenet Healthcare from $92.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Wolfe Research raised Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price for the company in a research report on Wednesday, March 27th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Tenet Healthcare from $100.00 to $126.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and a consensus target price of $100.38.

Insider Transactions at Tenet Healthcare

In other news, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now owns 33,303 shares in the company, valued at approximately $3,296,330.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the sale, the executive vice president now owns 29,803 shares in the company, valued at approximately $2,889,698.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the sale, the director now owns 33,303 shares in the company, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,268 shares of company stock worth $4,944,810. 1.30% of the stock is currently owned by company insiders.

Tenet Healthcare Price Performance

Shares of THC stock opened at $95.97 on Thursday. The stock has a 50-day moving average price of $97.33 and a 200 day moving average price of $78.92. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The firm has a market cap of $9.52 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 3.15 and a beta of 2.08. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 month high of $107.80.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $1.10. The company had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.96 EPS. Research analysts expect that Tenet Healthcare Co. will post 6.3 EPS for the current year.

Tenet Healthcare Profile

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.