Mirae Asset Global Investments Co. Ltd. Acquires New Stake in Tenet Healthcare Co. (NYSE:THC)

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Tenet Healthcare Co. (NYSE:THC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 12,514 shares of the company’s stock, valued at approximately $946,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new stake in Tenet Healthcare in the 3rd quarter valued at about $67,000. USA Financial Formulas acquired a new position in Tenet Healthcare in the 3rd quarter valued at approximately $92,000. CWM LLC increased its position in shares of Tenet Healthcare by 49.8% during the third quarter. CWM LLC now owns 1,443 shares of the company’s stock worth $95,000 after buying an additional 480 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Tenet Healthcare during the third quarter worth $152,000. Finally, Neo Ivy Capital Management acquired a new stake in shares of Tenet Healthcare during the third quarter worth $155,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Trading Up 3.2 %

Shares of Tenet Healthcare stock opened at $97.86 on Wednesday. The firm has a market cap of $9.71 billion, a PE ratio of 17.14, a PEG ratio of 2.99 and a beta of 2.08. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.51 and a quick ratio of 1.42. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $107.80. The company has a 50 day simple moving average of $97.75 and a two-hundred day simple moving average of $79.92.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data 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 firm had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.96 EPS. Analysts expect that Tenet Healthcare Co. will post 6.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barclays started coverage on shares of Tenet Healthcare in a research note on Wednesday, March 6th. They set an “overweight” rating and a $113.00 target price on the stock. Truist Financial raised their price objective on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Tenet Healthcare from $100.00 to $126.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Wolfe Research upgraded shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price for the company in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $100.38.

Insider Transactions at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the transaction, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the transaction, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,268 shares of company stock worth $4,944,810. 0.93% of the stock is currently owned by insiders.

Tenet Healthcare 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.