Van ECK Associates Corp Has $702,000 Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Van ECK Associates Corp lowered its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 41.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,456 shares of the company's stock after selling 3,163 shares during the quarter. Van ECK Associates Corp's holdings in Tenet Healthcare were worth $702,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare during the third quarter worth $1,055,000. Diversified Trust Co acquired a new stake in shares of Tenet Healthcare during the second quarter worth $558,000. O Shaughnessy Asset Management LLC grew its stake in shares of 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 purchasing an additional 6,687 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Tenet Healthcare during the first quarter worth $537,000. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company's stock worth $1,701,000 after purchasing an additional 7,078 shares during the period. Institutional investors own 95.44% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. UBS Group lifted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Barclays boosted their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. The Goldman Sachs Group boosted their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Truist Financial reissued a "buy" rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Finally, Citigroup boosted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a "buy" rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $165.35.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the company's stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Paola M. Arbour sold 8,377 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $156.00, for a total value of $1,306,812.00. Following the transaction, the executive vice president now owns 21,426 shares of the company's stock, valued at approximately $3,342,456. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the company's stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,976 shares of company stock worth $4,137,646 over the last 90 days. Company insiders own 0.93% of the company's stock.

Tenet Healthcare Stock Down 0.7 %

THC traded down $1.21 on Wednesday, hitting $163.00. 969,401 shares of the company were exchanged, compared to its average volume of 1,213,579. Tenet Healthcare Co. has a 12 month low of $56.91 and a 12 month high of $171.20. The company has a market cap of $15.50 billion, a PE ratio of 5.22, a PEG ratio of 0.73 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The stock's fifty day moving average is $159.52 and its 200-day moving average is $146.25.

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 the consensus estimate of $2.33 by $0.60. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.44 earnings per share. Equities research analysts predict that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a share 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 usually a sign that the company's board of directors believes its stock is undervalued.

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.