Principal Financial Group Inc. Has $36.87 Million Position in Tenet Healthcare Co. (NYSE:THC)

Principal Financial Group Inc. lowered its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 31.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 221,849 shares of the company's stock after selling 103,388 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Tenet Healthcare worth $36,871,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. ORG Wealth Partners LLC purchased a new position in Tenet Healthcare during the third quarter worth approximately $30,000. Financial Management Professionals Inc. increased its stake in Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company's stock worth $35,000 after buying an additional 200 shares during the period. Innealta Capital LLC acquired a new position in Tenet Healthcare during the 2nd quarter worth $28,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at about $31,000. Finally, Blue Trust Inc. boosted its holdings in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company's stock valued at $33,000 after buying an additional 120 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on THC shares. Citigroup lifted their price objective 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. Cantor Fitzgerald boosted their price target 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. Raymond James boosted their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 25th. UBS Group boosted 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. Finally, Truist Financial reiterated a "buy" rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of "Buy" and an average target price of $165.35.

Tenet Healthcare Trading Down 1.5 %

Shares of Tenet Healthcare stock traded down $2.57 on Tuesday, hitting $164.28. The stock had a trading volume of 623,165 shares, compared to its average volume of 1,212,932. The stock has a market cap of $15.62 billion, a price-to-earnings ratio of 5.35, a PEG ratio of 0.74 and a beta of 2.15. The stock's 50-day simple moving average is $159.45 and its two-hundred day simple moving average is $145.65. Tenet Healthcare Co. has a one year low of $53.63 and a one year high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

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

Tenet Healthcare declared that its board has authorized a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the firm's stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares of the company's stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Saumya Sutaria sold 86,227 shares of the company's 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 transaction, the chief executive officer now owns 13,773 shares of the company's stock, valued at $2,126,688.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $623,760.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 112,203 shares of company stock valued at $17,451,957 in the last quarter. 0.93% of the stock is owned by 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.