Petra Financial Advisors Inc. Purchases Shares of 6,022 Tenet Healthcare Co. (NYSE:THC)

Petra Financial Advisors Inc. bought a new position in Tenet Healthcare Co. (NYSE:THC) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 6,022 shares of the company’s stock, valued at approximately $1,001,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State of Michigan Retirement System grew its stake in shares of Tenet Healthcare by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock valued at $2,617,000 after buying an additional 500 shares during the period. First Trust Direct Indexing L.P. acquired a new stake in Tenet Healthcare during the first quarter worth about $254,000. Retirement Systems of Alabama raised its holdings in shares of Tenet Healthcare by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 127,523 shares of the company’s stock worth $13,404,000 after purchasing an additional 334 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tenet Healthcare by 0.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after purchasing an additional 90 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after buying an additional 29,172 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Activity

In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by insiders.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded down $2.06 during trading on Thursday, reaching $156.02. The stock had a trading volume of 207,616 shares, compared to its average volume of 1,204,729. The firm’s 50 day moving average price is $159.66 and its two-hundred day moving average price is $141.59. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $171.20. The stock has a market cap of $14.95 billion, a PE ratio of 5.80, a P/E/G ratio of 0.71 and a beta of 2.14. 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 posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm posted $1.44 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts forecast that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on THC shares. Royal Bank of Canada increased their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wells Fargo & Company raised their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. Raymond James boosted their price target on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Citigroup lifted their price objective 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. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Buy” and a consensus target price of $163.65.

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.