Trust Investment Advisors Buys New Position in Tenet Healthcare Corporation $THC

Trust Investment Advisors bought a new stake in shares of Tenet Healthcare Corporation (NYSE:THC) during the 2nd quarter, HoldingsChannel reports. The firm bought 1,242 shares of the company’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Tenet Healthcare by 10.3% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 11,957 shares of the company’s stock worth $2,104,000 after purchasing an additional 1,114 shares during the last quarter. SYM FINANCIAL Corp purchased a new stake in Tenet Healthcare during the 2nd quarter worth approximately $204,000. Bessemer Group Inc. increased its holdings in Tenet Healthcare by 39.8% during the 2nd quarter. Bessemer Group Inc. now owns 341 shares of the company’s stock worth $60,000 after purchasing an additional 97 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Tenet Healthcare by 107.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 58,265 shares of the company’s stock worth $10,255,000 after purchasing an additional 30,182 shares during the last quarter. Finally, Brighton Jones LLC purchased a new stake in Tenet Healthcare during the 2nd quarter worth approximately $714,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Up 3.1%

NYSE:THC opened at $216.94 on Tuesday. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $217.43. The firm has a market capitalization of $19.17 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.90 and a beta of 1.52. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. The business has a 50 day simple moving average of $193.60 and a 200 day simple moving average of $170.77.

Insiders Place Their Bets

In other Tenet Healthcare news, CEO Saumya Sutaria sold 78,762 shares of the business’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total transaction of $15,026,214.36. Following the completion of the transaction, the chief executive officer owned 368,683 shares in the company, valued at approximately $70,337,342.74. The trade was a 17.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Lisa Y. Foo sold 8,000 shares of the business’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $179.53, for a total value of $1,436,240.00. Following the transaction, the executive vice president owned 20,878 shares of the company’s stock, valued at $3,748,227.34. This trade represents a 27.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,722 shares of company stock worth $17,161,015. 0.81% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on Tenet Healthcare from $200.00 to $238.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $190.00 target price on shares of Tenet Healthcare in a research report on Tuesday, October 7th. The Goldman Sachs Group initiated coverage on Tenet Healthcare in a research report on Tuesday, October 14th. They issued a “buy” rating and a $224.00 target price for the company. Robert W. Baird decreased their target price on Tenet Healthcare from $195.00 to $167.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. lifted their target price on Tenet Healthcare from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $209.25.

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.