Swiss National Bank Buys 15,200 Shares of Tenet Healthcare Co. (NYSE:THC)

Swiss National Bank grew its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 8.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 190,800 shares of the company's stock after acquiring an additional 15,200 shares during the quarter. Swiss National Bank owned about 0.20% of Tenet Healthcare worth $31,711,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of THC. Acadian Asset Management LLC increased its stake in shares of Tenet Healthcare by 102.9% during the first quarter. Acadian Asset Management LLC now owns 4,455 shares of the company's stock valued at $468,000 after buying an additional 2,259 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Tenet Healthcare by 31.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company's stock worth $2,961,000 after buying an additional 6,687 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Tenet Healthcare during the first quarter valued at $221,000. Quadrature Capital Ltd lifted its stake in shares of Tenet Healthcare by 203.3% in the first quarter. Quadrature Capital Ltd now owns 11,091 shares of the company's stock worth $1,166,000 after buying an additional 7,434 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Tenet Healthcare by 11.1% in 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 buying an additional 790,684 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Performance

Shares of THC stock traded down $5.23 during trading on Thursday, reaching $146.61. The company had a trading volume of 698,509 shares, compared to its average volume of 1,213,408. The firm's 50 day simple moving average is $159.44 and its two-hundred day simple moving average is $147.72. 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 Co. has a one year low of $65.90 and a one year high of $171.20. The company has a market capitalization of $13.94 billion, a PE ratio of 4.87, a PEG ratio of 0.69 and a beta of 2.15.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts' consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion for 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%. The firm's revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business earned $1.44 EPS. Sell-side analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on THC. Cantor Fitzgerald raised their price objective 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. Truist Financial reaffirmed 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. Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, UBS Group increased their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of "Buy" and a consensus price target of $170.38.

Insiders Place Their Bets

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the firm's stock in a transaction dated 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 transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare 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 transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 12.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,599 shares of company stock valued at $2,830,834. 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.