KBC Group NV Acquires 2,014 Shares of Tenet Healthcare Co. (NYSE:THC)

KBC Group NV grew its stake in Tenet Healthcare Co. (NYSE:THC) by 54.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,698 shares of the company’s stock after buying an additional 2,014 shares during the quarter. KBC Group NV’s holdings in Tenet Healthcare were worth $947,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Capital Group California Inc. acquired a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $1,055,000. Diversified Trust Co acquired a new position in Tenet Healthcare during the 2nd quarter worth approximately $558,000. O Shaughnessy Asset Management LLC grew its stake in shares of Tenet Healthcare by 31.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company’s stock worth $2,961,000 after acquiring an additional 6,687 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Tenet Healthcare in the first quarter worth $537,000. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in 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 purchasing an additional 7,078 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

THC has been the subject of a number of recent research reports. KeyCorp assumed coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Citigroup raised their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Barclays upped their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Truist Financial restated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Finally, Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Price Performance

NYSE:THC opened at $153.45 on Tuesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm has a market cap of $14.59 billion, a price-to-earnings ratio of 4.92, a P/E/G ratio of 0.70 and a beta of 2.15. Tenet Healthcare Co. has a 52 week low of $62.70 and a 52 week high of $171.20. The firm’s 50-day simple moving average is $159.58 and its 200 day simple moving average is $147.46.

Tenet Healthcare (NYSE:THC) last released 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. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the previous year, the business earned $1.44 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts predict that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

Tenet Healthcare announced that its board has authorized a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare 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 transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,599 shares of company stock worth $2,830,834 over the last ninety days. Corporate insiders own 0.93% of the company’s stock.

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.