Beacon Harbor Wealth Advisors Inc. Acquires Shares of 38,475 Tenet Healthcare Co. (NYSE:THC)

Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 38,475 shares of the company’s stock, valued at approximately $6,395,000.

A number of other institutional investors also recently bought and sold shares of THC. Concurrent Investment Advisors LLC lifted its stake in Tenet Healthcare by 7.8% in the third quarter. Concurrent Investment Advisors LLC now owns 2,933 shares of the company’s stock worth $487,000 after purchasing an additional 213 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in Tenet Healthcare by 80.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,478 shares of the company’s stock valued at $246,000 after acquiring an additional 660 shares during the period. QRG Capital Management Inc. grew its position in Tenet Healthcare by 5.9% in the 3rd quarter. QRG Capital Management Inc. now owns 8,318 shares of the company’s stock valued at $1,382,000 after acquiring an additional 462 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in shares of Tenet Healthcare during the third quarter worth $3,599,000. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Tenet Healthcare by 135.0% in the third quarter. Janney Montgomery Scott LLC now owns 19,478 shares of the company’s stock worth $3,237,000 after purchasing an additional 11,188 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

THC has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays increased their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Truist Financial reaffirmed 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. The Goldman Sachs Group raised their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Raymond James upped their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $164.24.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $168.53 on Friday. The firm has a market capitalization of $16.03 billion, a P/E ratio of 5.40, a PEG ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a 52 week low of $52.08 and a 52 week 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 company has a 50 day moving average price of $159.44 and a 200 day moving average price of $144.02.

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

Tenet Healthcare announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Lisa Y. Foo sold 4,000 shares of the company’s 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 sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,203 shares of company stock worth $17,451,957 over the last three months. 0.93% of the stock is currently owned by insiders.

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.