M&T Bank Corp Raises Stake in Tenet Healthcare Co. (NYSE:THC)

M&T Bank Corp grew its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,754 shares of the company’s stock after buying an additional 393 shares during the period. M&T Bank Corp’s holdings in Tenet Healthcare were worth $1,122,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Optas LLC increased its stake in Tenet Healthcare by 3.4% in the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after acquiring an additional 93 shares during the last quarter. Signaturefd LLC increased its position in shares of Tenet Healthcare by 17.6% in the third quarter. Signaturefd LLC now owns 628 shares of the company’s stock worth $104,000 after purchasing an additional 94 shares during the last quarter. CIBC Asset Management Inc raised its stake in Tenet Healthcare by 3.4% in the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock valued at $480,000 after purchasing an additional 94 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Tenet Healthcare by 20.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after buying an additional 96 shares in the last quarter. Finally, First Citizens Bank & Trust Co. increased its holdings in shares of Tenet Healthcare by 5.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock worth $370,000 after buying an additional 109 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 1.0 %

NYSE THC opened at $136.71 on Monday. The business’s 50-day moving average is $152.09 and its 200 day moving average is $149.38. The stock has a market capitalization of $13.00 billion, a PE ratio of 4.38, a PEG ratio of 0.63 and a beta of 2.06. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 1 year low of $73.21 and a 1 year high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating 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 return on equity of 24.05% and a net margin of 14.91%. The business’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.44 earnings per share. Sell-side analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Cantor Fitzgerald upped their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective on the stock. in a research report on Friday, November 22nd. The Goldman Sachs Group upped their target price on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $205.00 to $150.00 in a report on Monday, November 25th. Finally, Royal Bank of Canada increased their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a 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 issued a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $168.19.

Insider Transactions at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the firm’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 completion of the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.93% of the company’s stock.

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.