ClearAlpha Technologies LP Makes New $299,000 Investment in Tenet Healthcare Co. (NYSE:THC)

ClearAlpha Technologies LP acquired a new position in Tenet Healthcare Co. (NYSE:THC) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 1,797 shares of the company’s stock, valued at approximately $299,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in THC. Bamco Inc. NY grew its position in Tenet Healthcare by 100.0% in the third quarter. Bamco Inc. NY now owns 25,000 shares of the company’s stock worth $4,155,000 after buying an additional 12,500 shares during the last quarter. Paloma Partners Management Co grew its holdings in shares of Tenet Healthcare by 13.3% in the 3rd quarter. Paloma Partners Management Co now owns 7,170 shares of the company’s stock worth $1,192,000 after acquiring an additional 839 shares during the last quarter. True Wealth Design LLC acquired a new stake in shares of Tenet Healthcare during the third quarter worth $38,000. Bellevue Group AG lifted its holdings in shares of Tenet Healthcare by 3.9% during the third quarter. Bellevue Group AG now owns 5,625 shares of the company’s stock valued at $935,000 after purchasing an additional 211 shares during the last quarter. Finally, PDT Partners LLC purchased a new position in Tenet Healthcare in the 3rd quarter worth about $416,000. 95.44% of the stock is currently owned by institutional investors.

Insider Transactions at Tenet Healthcare

In other 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 directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by corporate insiders.

Tenet Healthcare Stock Down 0.5 %

Tenet Healthcare stock opened at $141.95 on Tuesday. The company has a market capitalization of $13.50 billion, a P/E ratio of 4.55, a P/E/G ratio of 0.64 and a beta of 2.06. Tenet Healthcare Co. has a 1-year low of $67.78 and a 1-year high of $171.20. The firm’s fifty day simple moving average is $156.87 and its 200-day simple moving average is $148.73. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the prior year, the company posted $1.44 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

THC has been the subject of several recent analyst reports. Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $205.00 to $150.00 in a report on Monday, November 25th. KeyCorp began 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 for the company. Barclays raised their target price on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Royal Bank of Canada upped their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $168.19.

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.