Wealth Enhancement Advisory Services LLC Boosts Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 122.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,009 shares of the company's stock after buying an additional 4,414 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Tenet Healthcare were worth $1,331,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. First Trust Direct Indexing L.P. bought a new stake in shares of Tenet Healthcare in the first quarter worth $254,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Tenet Healthcare by 0.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company's stock valued at $1,325,000 after acquiring an additional 90 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company's stock valued at $5,768,000 after acquiring an additional 29,172 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Tenet Healthcare during the first quarter valued at $537,000. Finally, Capstone Investment Advisors LLC bought a new stake in Tenet Healthcare during the first quarter valued at $578,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. 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 report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. The Goldman Sachs Group raised their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Citigroup boosted 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. Finally, KeyCorp initiated coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an "overweight" rating and a $200.00 target price for the company. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $163.65.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded up $4.49 during midday trading on Tuesday, reaching $166.87. The company's stock had a trading volume of 1,177,330 shares, compared to its average volume of 1,212,215. Tenet Healthcare Co. has a 12-month low of $52.08 and a 12-month high of $171.20. The firm has a 50 day moving average price of $159.36 and a 200-day moving average price of $143.22. The stock has a market capitalization of $15.87 billion, a P/E ratio of 5.24, a PEG ratio of 0.70 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 earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the previous year, the business earned $1.44 EPS. The company's revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts predict that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare declared that its board has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the company's stock in a transaction that occurred on Thursday, September 5th. The stock was 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 in the company, 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 Securities & Exchange Commission, which is accessible through this link. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the 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 sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,203 shares of company stock worth $17,451,957. 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.