Range Financial Group LLC Makes New $866,000 Investment in Tenet Healthcare Co. (NYSE:THC)

Range Financial Group LLC purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 6,509 shares of the company's stock, valued at approximately $866,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of THC. Vanguard Group Inc. boosted its position in Tenet Healthcare by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company's stock valued at $839,613,000 after acquiring an additional 172,913 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company's stock worth $5,768,000 after purchasing an additional 29,172 shares in the last quarter. Headlands Technologies LLC acquired a new position in Tenet Healthcare in the first quarter valued at approximately $410,000. Hsbc Holdings PLC grew its position in shares of Tenet Healthcare by 113.0% during the 4th quarter. Hsbc Holdings PLC now owns 453,624 shares of the company's stock worth $34,266,000 after buying an additional 240,611 shares during the period. Finally, First Light Asset Management LLC bought a new position in Tenet Healthcare during the fourth quarter worth $14,706,000. Institutional investors and hedge funds own 95.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on THC. Robert W. Baird began coverage on Tenet Healthcare in a research report on Thursday, May 30th. They issued an "outperform" rating and a $153.00 target price for the company. Baird R W raised shares of Tenet Healthcare to a "strong-buy" rating in a research report on Thursday, May 30th. Cantor Fitzgerald restated an "overweight" rating and set a $168.00 price objective on shares of Tenet Healthcare in a report on Monday, August 19th. Truist Financial reiterated a "buy" rating and set a $170.00 price objective (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Finally, Citigroup raised their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a "buy" rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Tenet Healthcare currently has an average rating of "Buy" and a consensus price target of $152.69.

Tenet Healthcare Stock Performance

Shares of NYSE:THC traded down $0.17 during mid-day trading on Thursday, reaching $161.95. The company had a trading volume of 1,679,560 shares, compared to its average volume of 1,204,011. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company's 50-day moving average price is $146.79 and its 200-day moving average price is $124.82. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $166.89. The firm has a market cap of $15.82 billion, a price-to-earnings ratio of 6.24, a PEG ratio of 0.85 and a beta of 2.15.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. As a group, equities research analysts anticipate that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

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

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the firm's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares of the company's stock, valued at approximately $2,328,533.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 21,426 shares of the company's stock, valued at approximately $3,342,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The disclosure for this sale can be found here. Insiders sold 118,004 shares of company stock valued at $18,060,399 in the last quarter. 0.93% of the stock is currently owned by corporate insiders.

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.