Vestcor Inc Acquires 5,256 Shares of Tenet Healthcare Co. (NYSE:THC)

Vestcor Inc grew its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 243.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,416 shares of the company’s stock after buying an additional 5,256 shares during the period. Vestcor Inc’s holdings in Tenet Healthcare were worth $1,233,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. M&T Bank Corp boosted its position in Tenet Healthcare by 6.2% during the 3rd 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. MML Investors Services LLC boosted its position in shares of Tenet Healthcare by 3.8% during the third quarter. MML Investors Services LLC now owns 11,409 shares of the company’s stock valued at $1,896,000 after purchasing an additional 417 shares in the last quarter. Dorsey Wright & Associates bought a new position in Tenet Healthcare in the third quarter worth $1,602,000. Zacks Investment Management lifted its position in Tenet Healthcare by 10.9% during the third quarter. Zacks Investment Management now owns 20,127 shares of the company’s stock valued at $3,345,000 after buying an additional 1,980 shares during the period. Finally, EP Wealth Advisors LLC bought a new position in shares of Tenet Healthcare in the 3rd quarter worth about $231,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on THC shares. Barclays upped their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. The Goldman Sachs Group upped their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. KeyCorp started coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Royal Bank of Canada raised their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Truist Financial reissued a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Stock Up 0.7 %

Tenet Healthcare stock opened at $140.07 on Thursday. The stock has a market cap of $13.32 billion, a PE ratio of 4.49, a price-to-earnings-growth ratio of 0.62 and a beta of 2.06. 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 stock has a fifty day moving average of $152.91 and a 200 day moving average of $149.19. Tenet Healthcare Co. has a one year low of $70.92 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share 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 business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.44 EPS. As a group, sell-side analysts predict 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 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. This represents a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Company 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.