New Wave Wealth Advisors LLC Invests $343,000 in Tenet Healthcare Co. (NYSE:THC)

New Wave Wealth Advisors LLC bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 4th quarter, Holdings Channel reports. The institutional investor bought 2,718 shares of the company’s stock, valued at approximately $343,000.

Other institutional investors also recently bought and sold shares of the company. FMR LLC lifted its position in Tenet Healthcare by 88.0% during the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after purchasing an additional 3,604,161 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 purchasing an additional 390,316 shares during the last quarter. Iron Triangle Partners LP bought a new position in Tenet Healthcare during the third quarter valued at $51,346,000. Allspring Global Investments Holdings LLC lifted its position in Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after purchasing an additional 245,875 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Tenet Healthcare by 32.0% during the third quarter. Point72 Asset Management L.P. now owns 442,949 shares of the company’s stock valued at $73,618,000 after purchasing an additional 107,290 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $143.27 on Friday. 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 Co. has a 52-week low of $82.15 and a 52-week high of $171.20. The company has a fifty day simple moving average of $134.04 and a 200-day simple moving average of $148.20. The firm has a market capitalization of $13.62 billion, a price-to-earnings ratio of 4.59, a PEG ratio of 0.63 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts anticipate that Tenet Healthcare Co. will post 11.37 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group lowered shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $196.00 to $140.00 in a report on Monday, December 16th. UBS Group raised their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Barclays raised their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $175.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.00.

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.