abrdn plc Makes New $11.27 Million Investment in Tenet Healthcare Co. (NYSE:THC)

abrdn plc acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 149,070 shares of the company’s stock, valued at approximately $11,265,000.

A number of other institutional investors and hedge funds have also modified their holdings of THC. CWM LLC increased its position in shares of Tenet Healthcare by 49.8% during the third quarter. CWM LLC now owns 1,443 shares of the company’s stock valued at $95,000 after purchasing an additional 480 shares during the period. SG Americas Securities LLC bought a new stake in shares of Tenet Healthcare during the third quarter valued at approximately $152,000. Handelsbanken Fonder AB increased its position in shares of Tenet Healthcare by 5.5% during the third quarter. Handelsbanken Fonder AB now owns 17,218 shares of the company’s stock valued at $1,134,000 after purchasing an additional 900 shares during the period. Simplicity Solutions LLC bought a new stake in shares of Tenet Healthcare during the third quarter valued at approximately $5,664,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Tenet Healthcare in the third quarter valued at $369,000. 95.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

THC has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Mizuho upped their price target on Tenet Healthcare from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Royal Bank of Canada upped their price target on Tenet Healthcare from $97.00 to $109.00 and gave the company an “outperform” rating in a research report on Friday, February 9th. Wolfe Research upgraded Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target on the stock in a research report on Wednesday, March 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Tenet Healthcare from $100.00 to $126.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $100.38.

Tenet Healthcare Trading Down 0.8 %

Shares of THC opened at $97.50 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $107.80. The firm has a market capitalization of $9.67 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 3.15 and a beta of 2.08. The stock’s fifty day simple moving average is $98.11 and its 200-day simple moving average is $80.17.

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

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the transaction, the director now owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the transaction, the director now owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,268 shares of company stock valued at $4,944,810. 0.93% of the stock is currently owned by company insiders.

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.