Beacon Harbor Wealth Advisors Inc. Takes $6.40 Million Position in Tenet Healthcare Co. (NYSE:THC)

Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 38,475 shares of the company's stock, valued at approximately $6,395,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new position in shares of Tenet Healthcare in the 3rd quarter worth about $30,000. ORG Partners LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $31,000. Blue Trust Inc. lifted its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after acquiring an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $34,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on THC shares. Truist Financial reaffirmed a "buy" rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Cantor Fitzgerald increased their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Wells Fargo & Company increased their price objective on Tenet Healthcare from $195.00 to $205.00 and gave the stock an "overweight" rating in a report on Wednesday. UBS Group raised their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada raised their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $165.35.

Tenet Healthcare Stock Down 2.0 %

THC traded down $3.36 during mid-day trading on Friday, reaching $165.16. 1,128,110 shares of the stock were exchanged, compared to its average volume of 1,386,951. The company has a 50 day moving average price of $159.44 and a two-hundred day moving average price of $144.02. The stock has a market capitalization of $15.71 billion, a PE ratio of 5.29, a price-to-earnings-growth ratio of 0.72 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare Co. has a 1 year low of $52.08 and a 1 year high of $171.20.

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

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

Insider Buying and Selling

In other news, insider R. Scott Ramsey sold 11,599 shares of the company's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares of the company's stock, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of the company's stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares of the company's stock, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,203 shares of company stock valued at $17,451,957. Company insiders own 0.93% of the company's stock.

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.