Tenet Healthcare Co. (NYSE:THC) Position Raised by Point72 Asset Management L.P.

Point72 Asset Management L.P. increased its position in shares of Tenet Healthcare Co. (NYSE:THC) by 32.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 442,949 shares of the company’s stock after buying an additional 107,290 shares during the quarter. Point72 Asset Management L.P.’s holdings in Tenet Healthcare were worth $73,618,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new position in Tenet Healthcare during the 2nd quarter worth approximately $28,000. Plato Investment Management Ltd purchased a new position in Tenet Healthcare during the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new position in Tenet Healthcare during the 3rd quarter worth approximately $30,000. ORG Partners LLC purchased a new position in Tenet Healthcare during the 2nd quarter worth approximately $31,000. Finally, Blue Trust Inc. grew its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. UBS Group boosted their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada boosted their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. The Goldman Sachs Group boosted 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. Finally, Truist Financial restated a “buy” rating and set a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Stock Up 0.2 %

NYSE THC opened at $141.51 on Thursday. 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 firm has a 50-day simple moving average of $155.85 and a 200 day simple moving average of $148.92. Tenet Healthcare Co. has a twelve month low of $67.78 and a twelve month high of $171.20. The stock has a market cap of $13.46 billion, a PE ratio of 4.53, a PEG ratio of 0.63 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the company earned $1.44 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. On average, research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Insiders Place Their Bets

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were 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 owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.93% of the company’s stock.

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.