MidWestOne Financial Group Inc. Raises Holdings in Tenet Healthcare Co. (NYSE:THC)

MidWestOne Financial Group Inc. increased its stake in Tenet Healthcare Co. (NYSE:THC) by 6.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 11,078 shares of the company’s stock after acquiring an additional 705 shares during the period. MidWestOne Financial Group Inc.’s holdings in Tenet Healthcare were worth $1,841,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in THC. Innealta Capital LLC purchased a new stake in Tenet Healthcare in the second quarter worth $28,000. Plato Investment Management Ltd purchased a new position in Tenet Healthcare during the 3rd quarter worth $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare during the third quarter valued at $30,000. ORG Partners LLC purchased a new stake in Tenet Healthcare in the second quarter worth about $31,000. Finally, Blue Trust Inc. increased its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Performance

THC opened at $141.01 on Tuesday. Tenet Healthcare Co. has a 52-week low of $70.76 and a 52-week high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The firm’s fifty day simple moving average is $153.82 and its two-hundred day simple moving average is $149.20. The company has a market cap of $13.41 billion, a price-to-earnings ratio of 4.52, a PEG ratio of 0.62 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the company earned $1.44 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. Equities analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. UBS Group lifted their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Truist Financial restated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. The Goldman Sachs Group upped their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $168.19.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.93% of the stock is owned by insiders.

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.