Tenet Healthcare Corporation $THC Stock Bought by Kestra Advisory Services LLC

Kestra Advisory Services LLC raised its position in Tenet Healthcare Corporation (NYSE:THC) by 211.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 18,898 shares of the company’s stock after acquiring an additional 12,827 shares during the period. Kestra Advisory Services LLC’s holdings in Tenet Healthcare were worth $4,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Manning & Napier Advisors LLC bought a new position in Tenet Healthcare during the second quarter worth about $168,761,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Tenet Healthcare by 57.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock valued at $126,757,000 after purchasing an additional 244,901 shares during the period. Bank of New York Mellon Corp purchased a new stake in Tenet Healthcare during the 2nd quarter worth about $106,342,000. Empowered Funds LLC boosted its stake in Tenet Healthcare by 22.1% in the 1st quarter. Empowered Funds LLC now owns 284,753 shares of the company’s stock worth $53,736,000 after purchasing an additional 51,549 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Tenet Healthcare by 11.8% during the first quarter. First Trust Advisors LP now owns 240,019 shares of the company’s stock valued at $45,294,000 after buying an additional 25,263 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Performance

NYSE THC opened at $286.86 on Friday. The firm has a market cap of $22.83 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 1.57 and a beta of 1.20. Tenet Healthcare Corporation has a 12-month low of $157.58 and a 12-month high of $301.44. The company has a 50-day simple moving average of $267.37 and a two-hundred day simple moving average of $224.39. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.68 by $1.96. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The firm had revenue of $6.28 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the prior year, the firm posted $3.70 earnings per share. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts forecast that Tenet Healthcare Corporation will post 22.32 EPS for the current year.

Insider Buying and Selling

In other news, Director J. Robert Kerrey sold 12,010 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $263.72, for a total value of $3,167,277.20. Following the completion of the sale, the director directly owned 4,794 shares of the company’s stock, valued at approximately $1,264,273.68. This trade represents a 71.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard J. Mark sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $263.42, for a total transaction of $2,634,200.00. Following the completion of the sale, the director owned 25,121 shares of the company’s stock, valued at $6,617,373.82. This trade represents a 28.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 98,462 shares of company stock valued at $26,788,234 over the last ninety days. Corporate insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on THC shares. TD Cowen upped their target price on shares of Tenet Healthcare from $233.00 to $263.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Weiss Ratings raised Tenet Healthcare from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $305.00 target price on shares of Tenet Healthcare in a research note on Tuesday, July 28th. Truist Financial reissued a “buy” rating and issued a $305.00 price target (up from $290.00) on shares of Tenet Healthcare in a research note on Tuesday, November 3rd. Finally, Wall Street Zen raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Nineteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of “Moderate Buy” and an average price target of $296.65.

Tenet Healthcare Company Profile

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.