Pathstone Holdings LLC Increases Holdings in Tenet Healthcare Co. (NYSE:THC)

Pathstone Holdings LLC increased its holdings in Tenet Healthcare Co. (NYSE:THC) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,973 shares of the company’s stock after purchasing an additional 233 shares during the period. Pathstone Holdings LLC’s holdings in Tenet Healthcare were worth $1,491,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. grew its stake in Tenet Healthcare by 10.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 4,148 shares of the company’s stock valued at $436,000 after acquiring an additional 387 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Tenet Healthcare in the first quarter worth about $2,213,000. Comerica Bank grew its holdings in Tenet Healthcare by 50.2% during the 1st quarter. Comerica Bank now owns 93,952 shares of the company’s stock valued at $9,875,000 after buying an additional 31,406 shares in the last quarter. Cetera Investment Advisers bought a new stake in Tenet Healthcare in the 1st quarter worth approximately $1,772,000. Finally, Cetera Advisors LLC bought a new position in shares of Tenet Healthcare during the 1st quarter valued at approximately $227,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 2.5 %

THC opened at $141.98 on Friday. Tenet Healthcare Co. has a 52 week low of $65.90 and a 52 week high of $171.20. The company has a market capitalization of $13.50 billion, a P/E ratio of 4.55, a PEG ratio of 0.64 and a beta of 2.15. The stock’s fifty day moving average is $157.82 and its two-hundred day moving average is $148.41. 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 (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 earnings per share. Analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on THC shares. Barclays upped their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a research report on Friday, November 22nd. Truist Financial restated a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price on the stock. Finally, Cantor Fitzgerald raised their price target 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 equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $168.19.

Insider Activity at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the 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 represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction on Thursday, October 31st. The stock was 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 $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.