Los Angeles Capital Management LLC Makes New $3.74 Million Investment in Tenet Healthcare Co. (NYSE:THC)

Los Angeles Capital Management LLC purchased a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 22,494 shares of the company's stock, valued at approximately $3,739,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company's stock worth $831,947,000 after acquiring an additional 790,684 shares during the period. 8 Knots Management LLC lifted its stake in shares of Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company's stock worth $107,814,000 after purchasing an additional 438,033 shares during the period. Marshall Wace LLP raised its position in shares of Tenet Healthcare by 7.3% in the 2nd quarter. Marshall Wace LLP now owns 713,979 shares of the company's stock worth $94,981,000 after buying an additional 48,626 shares during the period. Farallon Capital Management LLC increased its position in shares of Tenet Healthcare by 7.8% in the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company's stock worth $91,450,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Integral Health Asset Management LLC raised its holdings in shares of Tenet Healthcare by 17.6% during the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company's stock valued at $66,515,000 after buying an additional 75,000 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wells Fargo & Company increased their target price on Tenet Healthcare from $195.00 to $205.00 and gave the company an "overweight" rating in a research note on Wednesday, November 6th. UBS Group lifted their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Barclays upped their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. KeyCorp assumed coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an "overweight" rating and a $200.00 target price for the company. Finally, Truist Financial reiterated a "buy" rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Tenet Healthcare currently has an average rating of "Buy" and an average target price of $165.35.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the company's stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Paola M. Arbour sold 8,377 shares of the business's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the sale, the executive vice president now directly owns 21,426 shares of the company's stock, valued at approximately $3,342,456. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,976 shares of company stock valued at $4,137,646 in the last ninety days. Corporate insiders own 0.93% of the company's stock.

Tenet Healthcare Trading Down 0.7 %

Shares of NYSE:THC traded down $1.21 during mid-day trading on Wednesday, hitting $163.00. The company had a trading volume of 969,401 shares, compared to its average volume of 1,213,579. The firm has a fifty day moving average price of $159.50 and a 200 day moving average price of $146.13. Tenet Healthcare Co. has a one year low of $56.91 and a one year high of $171.20. The company has a market capitalization of $15.50 billion, a PE ratio of 5.19, a price-to-earnings-growth ratio of 0.73 and a beta of 2.15. 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 announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company 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 company earned $1.44 earnings per share. Tenet Healthcare's quarterly revenue was up 1.1% on a year-over-year basis. As a group, research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare declared that its board has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.