Weiss Asset Management LP Increases Stock Position in Tenet Healthcare Co. (NYSE:THC)

Weiss Asset Management LP increased its position in Tenet Healthcare Co. (NYSE:THC - Free Report) by 8.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,361 shares of the company's stock after purchasing an additional 4,207 shares during the period. Weiss Asset Management LP owned approximately 0.06% of Tenet Healthcare worth $8,702,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new stake in Tenet Healthcare during the third quarter worth about $28,000. ORG Wealth Partners LLC bought a new position in Tenet Healthcare during the third quarter worth about $30,000. Financial Management Professionals Inc. raised its position in shares of Tenet Healthcare by 2,222.2% in the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company's stock valued at $35,000 after purchasing an additional 200 shares during the period. Innealta Capital LLC bought a new position in Tenet Healthcare in the 2nd quarter worth approximately $28,000. Finally, True Wealth Design LLC purchased a new position in Tenet Healthcare in the 3rd quarter valued at approximately $38,000. Institutional investors and hedge funds own 95.44% of the company's stock.

Insiders Place Their Bets

In other news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.93% of the company's stock.

Analyst Upgrades and Downgrades

THC has been the subject of several recent research reports. Royal Bank of Canada lifted 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 shares of Tenet Healthcare in a report on Friday, October 11th. They issued an "overweight" rating and a $200.00 price target on the stock. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Wells Fargo & Company downgraded shares of Tenet Healthcare from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. Finally, Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $168.19.

Tenet Healthcare Trading Up 0.0 %

Shares of THC stock traded up $0.04 during mid-day trading on Friday, reaching $138.94. The stock had a trading volume of 1,097,019 shares, compared to its average volume of 1,220,877. 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 $67.78 and a 52-week high of $171.20. The firm has a market capitalization of $13.21 billion, a PE ratio of 4.40, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. The stock's 50-day moving average price is $154.81 and its two-hundred day moving average price is $148.80.

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 (EPS) 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 net margin of 14.91% and a return on equity of 24.05%. The company's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.44 EPS. Equities analysts expect that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Tenet Healthcare Company 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.