Iron Triangle Partners LP Acquires Shares of 308,940 Tenet Healthcare Co. (NYSE:THC)

Iron Triangle Partners LP bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 308,940 shares of the company’s stock, valued at approximately $51,346,000. Tenet Healthcare comprises approximately 7.1% of Iron Triangle Partners LP’s holdings, making the stock its 4th biggest holding. Iron Triangle Partners LP owned approximately 0.32% of Tenet Healthcare at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC bought a new position in shares of Tenet Healthcare in the second quarter worth $28,000. Plato Investment Management Ltd bought a new position in Tenet Healthcare in the third quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new position in shares of Tenet Healthcare in the 3rd quarter valued at about $30,000. ORG Partners LLC bought a new stake in Tenet Healthcare during the second quarter worth about $31,000. Finally, Blue Trust Inc. lifted its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 0.5 %

Shares of THC stock opened at $141.95 on Tuesday. Tenet Healthcare Co. has a 1 year low of $67.78 and a 1 year high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The firm’s fifty day simple moving average is $156.87 and its 200 day simple moving average is $148.73. The firm has a market capitalization of $13.50 billion, a P/E ratio of 4.55, a price-to-earnings-growth ratio of 0.64 and a beta of 2.06.

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

Wall Street Analyst Weigh In

THC has been the subject of a number of research reports. The Goldman Sachs Group upped their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. KeyCorp began coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. UBS Group boosted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald raised their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $168.19.

Insider Activity

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated 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 transaction, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by company insiders.

About Tenet Healthcare

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.