Arete Wealth Advisors LLC Invests $363,000 in Tenet Healthcare Co. (NYSE:THC)

Arete Wealth Advisors LLC acquired a new position in shares of Tenet Healthcare Co. (NYSE:THC) during the 3rd quarter, Holdings Channel reports. The fund acquired 2,208 shares of the company’s stock, valued at approximately $363,000.

Several other hedge funds have also modified their holdings of THC. Cetera Advisors LLC purchased a new stake in shares of Tenet Healthcare during the 1st quarter worth approximately $227,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Tenet Healthcare by 40.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,595 shares of the company’s stock worth $478,000 after acquiring an additional 1,030 shares in the last quarter. ORG Partners LLC bought a new position in shares of Tenet Healthcare during the 2nd quarter valued at approximately $31,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Tenet Healthcare by 124.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after purchasing an additional 7,078 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Up 1.0 %

Shares of NYSE THC opened at $136.71 on Friday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The stock has a market capitalization of $13.00 billion, a P/E ratio of 4.38, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. Tenet Healthcare Co. has a 1-year low of $73.21 and a 1-year high of $171.20. The business has a fifty day moving average price of $152.09 and a 200 day moving average price of $149.13.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.44 EPS. Equities research analysts expect that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.93% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on THC. Barclays boosted their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Wells Fargo & Company downgraded Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $205.00 to $150.00 in a research report on Monday, November 25th. The Goldman Sachs Group boosted their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Truist Financial reaffirmed a “buy” rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, UBS Group upped their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $168.19.

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.