Dorsey Wright & Associates Makes New Investment in Tenet Healthcare Co. (NYSE:THC)

Dorsey Wright & Associates bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the third quarter, Holdings Channel.com reports. The fund bought 9,640 shares of the company’s stock, valued at approximately $1,602,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Legacy Capital Group California Inc. acquired a new stake in shares of Tenet Healthcare during the third quarter worth about $1,055,000. Diversified Trust Co purchased a new stake in Tenet Healthcare in the second quarter valued at approximately $558,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock worth $1,701,000 after acquiring an additional 7,078 shares during the last quarter. Caprock Group LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at $477,000. Finally, Intech Investment Management LLC boosted its stake in Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock worth $13,174,000 after purchasing an additional 24,385 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on THC shares. Raymond James cut shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a report on Friday, November 22nd. The Goldman Sachs Group increased their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. KeyCorp assumed coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Royal Bank of Canada lifted their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Barclays upped their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $168.19.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $138.94 on Friday. Tenet Healthcare Co. has a 12 month low of $67.78 and a 12 month high of $171.20. The firm has a market capitalization of $13.21 billion, a price-to-earnings ratio of 4.45, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. The business’s 50 day simple moving average is $154.32 and its 200-day simple moving average is $148.98. 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 (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 24.05% and a net margin of 14.91%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $1.44 earnings per share. As a group, equities analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the company’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 sale, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.93% of the company’s stock.

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.