Parallax Volatility Advisers L.P. Buys New Shares in Tenet Healthcare Co. (NYSE:THC)

Parallax Volatility Advisers L.P. acquired a new position in Tenet Healthcare Co. (NYSE:THC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,213 shares of the company's stock, valued at approximately $3,027,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Innealta Capital LLC acquired a new position in Tenet Healthcare during the second quarter worth $28,000. Plato Investment Management Ltd bought a new position in shares of Tenet Healthcare in the third quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare during the third quarter worth $30,000. ORG Partners LLC purchased a new stake in Tenet Healthcare in the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. boosted its holdings in Tenet Healthcare by 93.0% during the 2nd 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. 95.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

THC has been the topic of a number of recent analyst reports. Truist Financial reissued a "buy" rating and set a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Wells Fargo & Company cut shares of Tenet Healthcare from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $205.00 to $150.00 in a research report on Monday, November 25th. Royal Bank of Canada increased their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. KeyCorp began coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an "overweight" rating and a $200.00 price objective on the stock. Finally, Cantor Fitzgerald lifted their target price on Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of "Buy" and a consensus price target of $168.19.

Insider Transactions at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the 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 transaction, the executive vice president now owns 15,566 shares of the company's stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.93% of the company's stock.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded up $0.03 during mid-day trading on Friday, hitting $138.93. The company had a trading volume of 1,108,300 shares, compared to its average volume of 1,222,846. The stock's 50-day moving average price is $154.81 and its 200-day moving average price is $148.80. The company has a market capitalization of $13.21 billion, a price-to-earnings ratio of 4.40, a P/E/G ratio of 0.63 and a beta of 2.06. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare Co. has a 1 year low of $67.78 and a 1 year high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $5.12 billion for the quarter, compared to analysts' expectations of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.44 earnings per share. On average, sell-side analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

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.