Raymond James Financial Services Advisors Inc. Purchases 24,360 Shares of Tenet Healthcare Co. (NYSE:THC)

Raymond James Financial Services Advisors Inc. boosted its position in shares of Tenet Healthcare Co. (NYSE:THCGet Rating) by 29.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,267 shares of the company’s stock after purchasing an additional 24,360 shares during the period. Raymond James Financial Services Advisors Inc. owned about 0.10% of Tenet Healthcare worth $5,584,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in THC. US Bancorp DE increased its holdings in Tenet Healthcare by 14.6% during the 1st quarter. US Bancorp DE now owns 1,428 shares of the company’s stock worth $123,000 after purchasing an additional 182 shares in the last quarter. HighTower Advisors LLC bought a new position in Tenet Healthcare during the 1st quarter worth about $219,000. Natixis Advisors L.P. acquired a new position in shares of Tenet Healthcare during the 1st quarter worth about $1,651,000. APG Asset Management N.V. acquired a new position in shares of Tenet Healthcare during the 1st quarter worth about $1,769,000. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Tenet Healthcare by 13.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 63,273 shares of the company’s stock worth $5,604,000 after buying an additional 7,365 shares during the last quarter. Institutional investors own 98.14% of the company’s stock.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 9,817 shares of the business’s stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $43.86, for a total value of $430,573.62. Following the transaction, the director now owns 24,545 shares in the company, valued at $1,076,543.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Richard W. Fisher sold 9,817 shares of the business’s stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $43.86, for a total value of $430,573.62. Following the transaction, the director now owns 24,545 shares in the company, valued at $1,076,543.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel J. Cancelmi bought 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 26th. The stock was purchased at an average price of $43.07 per share, for a total transaction of $473,770.00. Following the acquisition, the chief financial officer now owns 392,815 shares of the company’s stock, valued at $16,918,542.05. The disclosure for this purchase can be found here. 1.70% of the stock is owned by company insiders.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $52.35 on Wednesday. The firm has a market cap of $5.66 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.58 and a beta of 2.16. The firm’s fifty day moving average is $45.23 and its 200-day moving average is $52.75. The company has a debt-to-equity ratio of 5.97, a quick ratio of 1.31 and a current ratio of 1.40. Tenet Healthcare Co. has a 52 week low of $36.69 and a 52 week high of $92.65.

Tenet Healthcare (NYSE:THCGet Rating) last issued its quarterly earnings results on Thursday, October 20th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.16. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.80 billion. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. Tenet Healthcare’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.99 earnings per share. Sell-side analysts predict that Tenet Healthcare Co. will post 6.14 earnings per share for the current year.

Tenet Healthcare announced that its board has authorized a stock repurchase plan on Thursday, October 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on THC shares. Truist Financial increased their price target on shares of Tenet Healthcare from $55.00 to $60.00 in a report on Tuesday, January 3rd. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $48.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Stephens decreased their price objective on shares of Tenet Healthcare from $65.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Monday, October 24th. Credit Suisse Group decreased their price objective on shares of Tenet Healthcare to $80.00 in a research note on Thursday, October 27th. Finally, The Goldman Sachs Group decreased their price objective on shares of Tenet Healthcare from $93.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, November 1st. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average target price of $71.19.

Tenet Healthcare 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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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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