Louisiana State Employees Retirement System Makes New $2.15 Million Investment in Tenet Healthcare Co. (NYSE:THC)

Louisiana State Employees Retirement System purchased a new position in Tenet Healthcare Co. (NYSE:THC) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 28,500 shares of the company’s stock, valued at approximately $2,154,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in THC. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Tenet Healthcare by 46.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 629 shares of the company’s stock valued at $31,000 after purchasing an additional 199 shares in the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of Tenet Healthcare by 94.1% in the first quarter. Belpointe Asset Management LLC now owns 588 shares of the company’s stock valued at $35,000 after purchasing an additional 285 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Tenet Healthcare by 1,063.9% in the first quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock valued at $36,000 after purchasing an additional 383 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Tenet Healthcare in the first quarter valued at approximately $36,000. Finally, Sunbelt Securities Inc. bought a new position in shares of Tenet Healthcare in the third quarter valued at approximately $67,000. Institutional investors own 95.44% of the company’s stock.

Analyst Upgrades and Downgrades

THC has been the topic of a number of recent analyst reports. Truist Financial lifted their price target on Tenet Healthcare from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Royal Bank of Canada boosted their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, February 9th. TheStreet raised Tenet Healthcare from a “c+” rating to a “b-” rating in a research report on Tuesday, February 6th. Barclays assumed coverage on Tenet Healthcare in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 price objective on the stock. Finally, Wolfe Research raised Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price objective on the stock in a research report on Wednesday, March 27th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $100.38.

Insider Transactions at Tenet Healthcare

In other news, EVP Thomas W. Arnst sold 17,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the transaction, the executive vice president now directly owns 8,148 shares in the company, valued at approximately $772,756.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the sale, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas W. Arnst sold 17,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the sale, the executive vice president now owns 8,148 shares of the company’s stock, valued at $772,756.32. The disclosure for this sale can be found here. In the last three months, insiders sold 51,268 shares of company stock worth $4,944,810. 1.30% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Performance

NYSE:THC opened at $95.97 on Thursday. The firm has a market cap of $9.52 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 3.15 and a beta of 2.08. The company has a debt-to-equity ratio of 4.77, a quick ratio of 1.42 and a current ratio of 1.51. The business’s fifty day moving average is $97.33 and its 200 day moving average is $78.92. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $107.80.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $1.10. The business had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.96 EPS. Research analysts predict that Tenet Healthcare Co. will post 6.3 EPS for the current year.

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.