Assetmark Inc. Increases Stock Position in Tenet Healthcare Co. (NYSE:THC)

Assetmark Inc. lifted its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 190.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,446 shares of the company's stock after purchasing an additional 3,570 shares during the quarter. Assetmark Inc.'s holdings in Tenet Healthcare were worth $905,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Optas LLC raised its position in shares of Tenet Healthcare by 3.4% in the third quarter. Optas LLC now owns 2,821 shares of the company's stock valued at $469,000 after purchasing an additional 93 shares during the period. Signaturefd LLC lifted its stake in shares of Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company's stock valued at $104,000 after acquiring an additional 94 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company's stock worth $74,000 after acquiring an additional 96 shares during the last quarter. First Citizens Bank & Trust Co. raised its position in Tenet Healthcare by 5.1% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company's stock worth $370,000 after purchasing an additional 109 shares during the last quarter. Finally, SummerHaven Investment Management LLC lifted its position in shares of Tenet Healthcare by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company's stock worth $1,186,000 after purchasing an additional 115 shares during the period. 95.44% of the stock is owned by institutional investors.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the company's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company's stock, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the company's stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,599 shares of company stock worth $2,830,834 over the last ninety days. Company insiders own 0.93% of the company's stock.

Analyst Ratings Changes

THC has been the subject of a number of research reports. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Truist Financial reaffirmed a "buy" rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Citigroup lifted their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a "buy" rating in a report on Thursday, July 25th. Cantor Fitzgerald upped their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Finally, KeyCorp assumed coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an "overweight" rating and a $200.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $170.38.

Tenet Healthcare Stock Performance

NYSE:THC traded down $7.31 during trading hours on Friday, reaching $155.34. The company had a trading volume of 1,573,786 shares, compared to its average volume of 1,218,194. The business's 50 day moving average price is $159.57 and its 200-day moving average price is $147.00. The firm has a market cap of $14.77 billion, a PE ratio of 4.98, a price-to-earnings-growth ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a 1-year low of $57.65 and a 1-year high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52.

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

Tenet Healthcare declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Tenet Healthcare Company 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.