Redwood Investment Management LLC Invests $1.51 Million in Tenet Healthcare Co. (NYSE:THC)

Redwood Investment Management LLC purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 14,390 shares of the company’s stock, valued at approximately $1,513,000.

Several other institutional investors have also recently bought and sold shares of the business. Rise Advisors LLC bought a new position in shares of Tenet Healthcare in the first quarter valued at about $29,000. GAMMA Investing LLC bought a new stake in shares of Tenet Healthcare during the fourth quarter valued at approximately $52,000. FinTrust Capital Advisors LLC raised its position in Tenet Healthcare by 108.6% in the 4th quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock worth $68,000 after purchasing an additional 467 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in Tenet Healthcare in the 1st quarter valued at $78,000. Finally, Bellevue Group AG lifted its stake in shares of Tenet Healthcare by 106.7% during the fourth quarter. Bellevue Group AG now owns 1,447 shares of the company’s stock valued at $109,000 after acquiring an additional 747 shares during the period. Institutional investors own 95.44% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. UBS Group increased their price target on Tenet Healthcare from $137.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Barclays upped their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday. Truist Financial reaffirmed a “buy” rating and issued a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Finally, Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $146.71.

Insider Activity

In related news, Director Nadja West sold 1,782 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $126.41, for a total transaction of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares of the company’s stock, valued at $3,751,848.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tenet Healthcare news, Director Nadja West sold 1,782 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $126.41, for a total transaction of $225,262.62. Following the sale, the director now directly owns 29,680 shares of the company’s stock, valued at $3,751,848.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the completion of the sale, the director now directly owns 16,227 shares in the company, valued at $2,145,858.48. The disclosure for this sale can be found here. Insiders sold 16,543 shares of company stock worth $2,171,926 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Down 0.3 %

NYSE THC traded down $0.46 during trading on Wednesday, hitting $149.70. The stock had a trading volume of 1,713,750 shares, compared to its average volume of 1,242,699. The company has a market capitalization of $14.62 billion, a PE ratio of 5.81, a P/E/G ratio of 0.78 and a beta of 2.15. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 month high of $155.00. The company’s 50-day moving average price is $136.19 and its two-hundred day moving average price is $112.42. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, topping the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Tenet Healthcare Co. will post 10.68 EPS for the current year.

Tenet Healthcare declared that its board has approved a share buyback program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Tenet Healthcare Company 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.