Freedom Investment Management Inc. Buys New Shares in Tenet Healthcare Co. (NYSE:THC)

Freedom Investment Management Inc. acquired a new position in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,438 shares of the company’s stock, valued at approximately $405,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its position in Tenet Healthcare by 88.0% in the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after buying an additional 3,604,161 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares during the period. Allspring Global Investments Holdings LLC grew its position in Tenet Healthcare by 344.7% in the 3rd 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 period. Renaissance Technologies LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $27,454,000. Finally, AQR Capital Management LLC raised its holdings in Tenet Healthcare by 35.2% during the second quarter. AQR Capital Management LLC now owns 341,250 shares of the company’s stock worth $45,396,000 after buying an additional 88,781 shares during the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Trading Up 0.5 %

Shares of Tenet Healthcare stock opened at $142.68 on Friday. The company’s 50-day moving average price is $156.87 and its 200-day moving average price is $148.48. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare Co. has a 12-month low of $66.64 and a 12-month high of $171.20. The company has a market cap of $13.57 billion, a price-to-earnings ratio of 4.57, a PEG ratio of 0.64 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.44 EPS. On average, equities analysts expect that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

THC has been the topic of a number of analyst reports. Royal Bank of Canada upped 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. Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $205.00 to $150.00 in a research report on Monday, November 25th. Cantor Fitzgerald boosted their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. UBS Group raised their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Barclays increased 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. 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, the stock currently has an average rating of “Buy” and an average target price of $168.19.

Insider Buying and Selling at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % 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 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.