Cynosure Group LLC Buys New Holdings in Tenet Healthcare Co. (NYSE:THC)

Cynosure Group LLC purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 2,214 shares of the company’s stock, valued at approximately $368,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Plato Investment Management Ltd purchased a new position in Tenet Healthcare in the third quarter valued at approximately $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at $30,000. Financial Management Professionals Inc. boosted its position in Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock worth $35,000 after purchasing an additional 200 shares during the period. Innealta Capital LLC acquired a new stake in Tenet Healthcare in the 2nd quarter valued at $28,000. Finally, ORG Partners LLC acquired a new position in shares of Tenet Healthcare during the second quarter worth about $31,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Down 2.5 %

THC opened at $141.98 on Friday. The stock’s 50 day moving average price is $157.82 and its 200 day moving average price is $148.41. The stock has a market cap of $13.50 billion, a P/E ratio of 4.55, a P/E/G ratio of 0.64 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 12 month low of $65.90 and a 12 month high of $171.20.

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

Analysts Set New Price Targets

Several brokerages recently commented on THC. Barclays raised their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. The Goldman Sachs Group boosted their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research note on Friday, November 22nd. KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Finally, Truist Financial reiterated a “buy” rating and issued a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $168.19.

Insider Transactions at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

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.