abrdn plc Buys Shares of 149,070 Tenet Healthcare Co. (NYSE:THC)

abrdn plc bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 149,070 shares of the company’s stock, valued at approximately $11,265,000. abrdn plc owned approximately 0.15% of Tenet Healthcare at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth about $67,000. USA Financial Formulas purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth about $92,000. CWM LLC lifted its holdings in shares of Tenet Healthcare by 49.8% during the 3rd quarter. CWM LLC now owns 1,443 shares of the company’s stock worth $95,000 after acquiring an additional 480 shares during the period. SG Americas Securities LLC purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth about $152,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth about $155,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Down 0.8 %

THC stock opened at $97.50 on Friday. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $107.80. The company has a current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. The company has a market capitalization of $9.67 billion, a P/E ratio of 17.08, a PEG ratio of 3.15 and a beta of 2.08. The firm has a 50 day simple moving average of $98.11 and a 200-day simple moving average of $80.17.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The firm had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business posted $1.96 earnings per share. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities research analysts predict that Tenet Healthcare Co. will post 6.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price objective on the stock in a report on Wednesday, March 27th. Barclays began coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They issued an “overweight” rating and a $113.00 price target on the stock. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $97.00 to $109.00 and gave the company an “outperform” rating in a report on Friday, February 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $104.00 price target on shares of Tenet Healthcare in a report on Wednesday, April 10th. Finally, Truist Financial raised their price target on shares of Tenet Healthcare from $92.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 9th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $100.38.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the sale, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas W. Arnst sold 17,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the sale, the executive vice president now owns 8,148 shares in the company, valued at $772,756.32. The disclosure for this sale can be found here. Insiders have sold 51,268 shares of company stock worth $4,944,810 over the last ninety days. 0.93% of the stock is owned by insiders.

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.