Raymond James Trust N.A. Has $679,000 Holdings in Tenet Healthcare Co. (NYSE:THC)

Raymond James Trust N.A. lifted its stake in Tenet Healthcare Co. (NYSE:THC) by 32.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,087 shares of the company’s stock after purchasing an additional 1,005 shares during the period. Raymond James Trust N.A.’s holdings in Tenet Healthcare were worth $679,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of THC. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare during the third quarter worth $1,055,000. Diversified Trust Co acquired a new stake in shares of Tenet Healthcare during the 2nd quarter worth approximately $558,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Tenet Healthcare by 124.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after buying an additional 7,078 shares during the period. Caprock Group LLC bought a new position in Tenet Healthcare in the second quarter valued at approximately $477,000. Finally, Swiss National Bank raised its position in shares of Tenet Healthcare by 8.7% during the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock valued at $31,711,000 after acquiring an additional 15,200 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the business’s 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 transaction, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value 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 approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

Shares of THC opened at $143.32 on Tuesday. The company has a 50 day moving average of $158.44 and a 200-day moving average of $148.32. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The stock has a market capitalization of $13.63 billion, a P/E ratio of 4.59, a P/E/G ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a twelve month low of $65.90 and a twelve month high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.33 by $0.60. The firm had revenue of $5.12 billion for 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 company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.44 EPS. As a group, equities research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on THC. KeyCorp started 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. 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 report on Friday. Truist Financial reaffirmed a “buy” rating and issued a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, UBS Group raised their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two research 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, Tenet Healthcare has an average rating of “Buy” and an average price target of $168.19.

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.