Bridgewater Associates LP Purchases 28,486 Shares of Tenet Healthcare Co. (NYSE:THC)

Bridgewater Associates LP raised its holdings in Tenet Healthcare Co. (NYSE:THC) by 29.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 125,123 shares of the company’s stock after acquiring an additional 28,486 shares during the period. Bridgewater Associates LP’s holdings in Tenet Healthcare were worth $20,795,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of THC. Innealta Capital LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $28,000. Plato Investment Management Ltd bought a new stake in shares of Tenet Healthcare during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC purchased a new stake in Tenet Healthcare during the 3rd quarter worth about $30,000. ORG Partners LLC purchased a new position in Tenet Healthcare during the 2nd quarter valued at about $31,000. Finally, Blue Trust Inc. increased its position in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by company insiders.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $141.94 on Thursday. The firm has a fifty day simple moving average of $158.21 and a two-hundred day simple moving average of $148.45. Tenet Healthcare Co. has a twelve month low of $65.90 and a twelve month high of $171.20. The company has a market capitalization of $13.50 billion, a PE ratio of 4.55, a P/E/G ratio of 0.64 and a beta of 2.15. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last posted 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 business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the company earned $1.44 EPS. Tenet Healthcare’s revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts expect that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Analyst Ratings Changes

THC has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Truist Financial restated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, KeyCorp assumed coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently 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.