Harvest Fund Management Co. Ltd Boosts Stake in Tenet Healthcare Co. (NYSE:THC)

Harvest Fund Management Co. Ltd increased its holdings in Tenet Healthcare Co. (NYSE:THC) by 73.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,452 shares of the company’s stock after acquiring an additional 4,013 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Tenet Healthcare were worth $1,571,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Plato Investment Management Ltd purchased a new position in shares of Tenet Healthcare during the 3rd quarter valued at approximately $28,000. ORG Wealth Partners LLC acquired a new stake in Tenet Healthcare in the third quarter valued at $30,000. Financial Management Professionals Inc. grew its holdings in Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock worth $35,000 after acquiring an additional 200 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter worth about $28,000. Finally, ORG Partners LLC bought a new position in shares of Tenet Healthcare during the second quarter worth about $31,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock opened at $143.32 on Tuesday. The company’s 50-day moving average price is $158.44 and its two-hundred day moving average price is $148.32. The stock has a market cap of $13.63 billion, a PE ratio of 4.59, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. 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 $65.90 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping 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 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 quarter in the previous year, the business posted $1.44 earnings per share. As a group, sell-side analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

THC has been the topic of several research reports. KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. UBS Group raised 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. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Truist Financial reissued a “buy” rating and issued a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald increased 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 assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $168.19.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % 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.

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.