State of Alaska Department of Revenue raised its stake in Tenet Healthcare Co. (NYSE:THC – Get Rating) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,456 shares of the company's stock after acquiring an additional 385 shares during the period. State of Alaska Department of Revenue's holdings in Tenet Healthcare were worth $812,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Washington Trust Advisors Inc. bought a new stake in Tenet Healthcare in the 1st quarter valued at $34,000. Parkside Financial Bank & Trust increased its holdings in Tenet Healthcare by 1,063.9% in the 1st quarter. Parkside Financial Bank & Trust now owns 419 shares of the company's stock valued at $36,000 after acquiring an additional 383 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter worth about $36,000. Prospera Financial Services Inc bought a new stake in shares of Tenet Healthcare in the 1st quarter worth about $73,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Tenet Healthcare in the 1st quarter worth about $78,000. 97.38% of the stock is currently owned by institutional investors.
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Insider Buying and Selling
In related news, Director J Robert Kerrey sold 36,766 shares of the business's stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $65.56, for a total transaction of $2,410,378.96. Following the completion of the transaction, the director now owns 48,798 shares in the company, valued at approximately $3,199,196.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 7,439 shares of the company's stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $62.92, for a total transaction of $468,061.88. Following the transaction, the director now owns 34,362 shares in the company, valued at approximately $2,162,057.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director J Robert Kerrey sold 36,766 shares of the company's stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $65.56, for a total transaction of $2,410,378.96. Following the completion of the sale, the director now directly owns 48,798 shares in the company, valued at $3,199,196.88. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on THC shares. UBS Group reduced their target price on shares of Tenet Healthcare from $113.00 to $91.00 and set a "buy" rating on the stock in a report on Thursday, July 28th. Truist Financial boosted their target price on shares of Tenet Healthcare from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, July 25th. Bank of America lifted their price target on shares of Tenet Healthcare from $70.00 to $75.00 in a research note on Sunday, July 24th. Mizuho lifted their price target on shares of Tenet Healthcare from $63.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, August 2nd. Finally, Loop Capital started coverage on shares of Tenet Healthcare in a research note on Thursday, June 16th. They set a "buy" rating and a $80.00 price target for the company. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare has a consensus rating of "Moderate Buy" and a consensus target price of $92.69.
Tenet Healthcare Price Performance
Shares of THC opened at $53.05 on Friday. The company has a 50 day moving average price of $60.61 and a 200-day moving average price of $66.74. Tenet Healthcare Co. has a fifty-two week low of $49.45 and a fifty-two week high of $92.65. The stock has a market capitalization of $5.72 billion, a PE ratio of 6.59, a PEG ratio of 0.91 and a beta of 2.45. The company has a debt-to-equity ratio of 7.07, a quick ratio of 1.30 and a current ratio of 1.39.
Tenet Healthcare (NYSE:THC – Get Rating) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.78. The firm had revenue of $4.64 billion during the quarter, compared to analysts' expectations of $4.84 billion. Tenet Healthcare had a net margin of 4.58% and a return on equity of 45.10%. During the same quarter in the prior year, the company earned $1.59 EPS. Equities analysts predict that Tenet Healthcare Co. will post 6.45 earnings per share for the current fiscal year.
Tenet Healthcare Company Profile
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Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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