Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Tenet Healthcare Co. (NYSE:THC)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 57.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,714 shares of the company's stock after purchasing an additional 11,214 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Tenet Healthcare were worth $5,105,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Cetera Investment Advisers acquired a new stake in Tenet Healthcare in the first quarter worth $1,772,000. Cetera Advisors LLC acquired a new position in Tenet Healthcare in the first quarter valued at about $227,000. GAMMA Investing LLC increased its holdings in shares of Tenet Healthcare by 34.9% in the second quarter. GAMMA Investing LLC now owns 986 shares of the company's stock worth $131,000 after acquiring an additional 255 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Tenet Healthcare by 19.2% during the 2nd quarter. Park Avenue Securities LLC now owns 15,804 shares of the company's stock valued at $2,102,000 after purchasing an additional 2,549 shares in the last quarter. Finally, CWM LLC grew its position in shares of Tenet Healthcare by 49.7% in the 2nd quarter. CWM LLC now owns 2,255 shares of the company's stock valued at $300,000 after purchasing an additional 749 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial reaffirmed a "buy" rating and issued a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Royal Bank of Canada increased their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Cantor Fitzgerald upped 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. KeyCorp began coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an "overweight" rating and a $200.00 price target on the stock. Finally, Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $168.19.

Tenet Healthcare Price Performance

Shares of THC stock traded down $0.76 during trading hours on Tuesday, reaching $141.27. The company's stock had a trading volume of 942,522 shares, compared to its average volume of 1,227,234. The firm's 50 day simple moving average is $156.35 and its 200-day simple moving average is $148.83. The company has a market capitalization of $13.43 billion, a price-to-earnings ratio of 4.53, a PEG ratio of 0.64 and a beta of 2.06. 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 Co. has a fifty-two week low of $67.78 and a fifty-two week high of $171.20.

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, topping analysts' consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during 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 firm's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.44 EPS. Sell-side analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Insider Activity at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm'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 transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company's stock, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the business's stock in a transaction 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 transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by company insiders.

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.