Arete Wealth Advisors LLC Acquires Shares of 2,208 Tenet Healthcare Co. (NYSE:THC)

Arete Wealth Advisors LLC acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,208 shares of the company’s stock, valued at approximately $363,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Coldstream Capital Management Inc. increased its holdings in shares of Tenet Healthcare by 2.2% during the third quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock valued at $566,000 after acquiring an additional 74 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tenet Healthcare by 23.6% during the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after acquiring an additional 390,316 shares in the last quarter. MidWestOne Financial Group Inc. increased its holdings in shares of Tenet Healthcare by 6.8% during the third quarter. MidWestOne Financial Group Inc. now owns 11,078 shares of the company’s stock valued at $1,841,000 after acquiring an additional 705 shares in the last quarter. Vestcor Inc increased its holdings in shares of Tenet Healthcare by 243.3% during the third quarter. Vestcor Inc now owns 7,416 shares of the company’s stock valued at $1,233,000 after acquiring an additional 5,256 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in shares of Tenet Healthcare by 6.2% during the third quarter. M&T Bank Corp now owns 6,754 shares of the company’s stock valued at $1,122,000 after acquiring an additional 393 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 1.0 %

THC stock opened at $136.71 on Friday. Tenet Healthcare Co. has a twelve month low of $73.21 and a twelve month high of $171.20. 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 cap of $13.00 billion, a P/E ratio of 4.38, a PEG ratio of 0.63 and a beta of 2.06. The business’s 50-day moving average price is $152.09 and its 200-day moving average price is $149.13.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data 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 return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm earned $1.44 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. KeyCorp initiated coverage on Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target for the company. Truist Financial reiterated a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Cantor Fitzgerald lifted their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded Tenet Healthcare from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $205.00 to $150.00 in a report on Monday, November 25th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target 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.