Venturi Wealth Management LLC Buys 138 Shares of Tenet Healthcare Co. (NYSE:THC)

Venturi Wealth Management LLC grew its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 36.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 521 shares of the company’s stock after purchasing an additional 138 shares during the quarter. Venturi Wealth Management LLC’s holdings in Tenet Healthcare were worth $87,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GDS Wealth Management acquired a new position in Tenet Healthcare in the 3rd quarter valued at $508,000. Chartwell Investment Partners LLC grew its stake in shares of Tenet Healthcare by 90.6% in the third quarter. Chartwell Investment Partners LLC now owns 32,464 shares of the company’s stock valued at $5,396,000 after acquiring an additional 15,428 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Tenet Healthcare during the third quarter worth about $3,739,000. State of New Jersey Common Pension Fund D boosted its holdings in Tenet Healthcare by 4.7% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 34,749 shares of the company’s stock valued at $5,775,000 after purchasing an additional 1,545 shares during the period. Finally, Crossmark Global Holdings Inc. raised its holdings in Tenet Healthcare by 34.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,187 shares of the company’s stock valued at $1,028,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on THC shares. The Goldman Sachs Group raised their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Raymond James upped their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. KeyCorp assumed coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. UBS Group raised their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Citigroup upped their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. One 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 MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Stock Performance

NYSE:THC opened at $162.64 on Friday. The company has a market capitalization of $15.47 billion, a PE ratio of 5.21, a P/E/G ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a fifty-two week low of $57.65 and a fifty-two week high of $171.20. 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 company has a 50 day simple moving average of $159.54 and a two-hundred day simple moving average of $146.36.

Tenet Healthcare (NYSE:THC) last released its 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 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 firm’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.44 earnings per share. Research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare declared that its board has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly 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 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 dated 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 transaction, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. The trade was a 12.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,599 shares of company stock worth $2,830,834. 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.