Empowered Funds LLC Boosts Holdings in Tenet Healthcare Co. (NYSE:THC)

Empowered Funds LLC raised its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 63.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 83,161 shares of the company's stock after purchasing an additional 32,387 shares during the period. Empowered Funds LLC owned 0.09% of Tenet Healthcare worth $13,821,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Tenet Healthcare in the 2nd quarter valued at about $28,000. Plato Investment Management Ltd purchased a new stake in shares of Tenet Healthcare during the 3rd quarter valued at approximately $28,000. ORG Wealth Partners LLC purchased a new position in Tenet Healthcare in the 3rd quarter valued at approximately $30,000. ORG Partners LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. boosted its holdings in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after acquiring an additional 120 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Trading Down 4.5 %

Shares of NYSE:THC traded down $7.31 during trading on Friday, reaching $155.34. 1,572,957 shares of the company traded hands, compared to its average volume of 1,218,194. 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 52-week low of $57.65 and a 52-week high of $171.20. The business's fifty day moving average is $159.54 and its 200-day moving average is $146.36. The firm has a market capitalization of $14.77 billion, a price-to-earnings ratio of 5.21, a P/E/G ratio of 0.73 and a beta of 2.15.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.44 earnings per share. As a group, analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

THC has been the topic of a number of recent research reports. Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. UBS Group raised their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Finally, Truist Financial reissued a "buy" rating and issued a $190.00 price target (up previously 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, thirteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of "Buy" and an average target price of $170.38.

Insider Activity

In related news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm's 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 directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 17,599 shares of company stock valued at $2,830,834. Company insiders own 0.93% of the company's stock.

Tenet Healthcare Profile

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.