Sigma Planning Corp Takes $605,000 Position in Tenet Healthcare Co. (NYSE:THC)

Sigma Planning Corp acquired a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,640 shares of the company's stock, valued at approximately $605,000.

A number of other large investors also recently modified their holdings of THC. Price T Rowe Associates Inc. MD raised its holdings in Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company's stock valued at $831,947,000 after buying an additional 790,684 shares during the last quarter. 8 Knots Management LLC lifted its position in shares of Tenet Healthcare by 74.5% in the first 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 raised its holdings in shares of Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company's stock worth $43,385,000 after acquiring an additional 321,789 shares in the last quarter. Farallon Capital Management LLC boosted its holdings in shares of Tenet Healthcare by 70.1% in the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company's stock worth $67,002,000 after purchasing an additional 262,600 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Tenet Healthcare by 344.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company's stock worth $52,718,000 after purchasing an additional 245,875 shares during the period. Institutional investors own 95.44% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on THC shares. Citigroup increased their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a "buy" rating in a research report on Thursday, July 25th. UBS Group lifted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Wells Fargo & Company lifted their target price on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. Cantor Fitzgerald upped their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Finally, Barclays lifted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, November 8th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $170.38.

Tenet Healthcare Trading Down 5.4 %

THC traded down $8.83 during trading on Friday, reaching $153.82. The company had a trading volume of 786,574 shares, compared to its average volume of 1,214,649. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The company has a market cap of $14.63 billion, a price-to-earnings ratio of 5.21, a PEG ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a 12-month low of $57.65 and a 12-month high of $171.20. The firm's 50-day simple moving average is $159.54 and its 200 day simple moving average is $146.36.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter last year, the firm earned $1.44 earnings per share. The business's revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company's 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 sale, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the firm's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company's stock, valued at $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,599 shares of company stock worth $2,830,834. Company insiders own 0.93% of the company's stock.

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.