Paloma Partners Management Co Has $1.19 Million Stake in Tenet Healthcare Co. (NYSE:THC)

Paloma Partners Management Co boosted its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 13.3% in the third quarter, HoldingsChannel reports. The firm owned 7,170 shares of the company’s stock after acquiring an additional 839 shares during the period. Paloma Partners Management Co’s holdings in Tenet Healthcare were worth $1,192,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new position in shares of Tenet Healthcare in the third quarter valued at about $28,000. ORG Wealth Partners LLC acquired a new position in shares of Tenet Healthcare during the third quarter worth approximately $30,000. Financial Management Professionals Inc. grew its stake in shares of Tenet Healthcare by 2,222.2% during the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock valued at $35,000 after purchasing an additional 200 shares during the last quarter. Innealta Capital LLC bought a new position in Tenet Healthcare in the 2nd quarter worth approximately $28,000. Finally, True Wealth Design LLC bought a new position in Tenet Healthcare in the 3rd quarter valued at $38,000. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Down 0.5 %

Shares of THC stock opened at $141.95 on Tuesday. The firm has a fifty day moving average of $156.87 and a 200-day moving average of $148.73. The company has a market capitalization of $13.50 billion, a price-to-earnings ratio of 4.55, a P/E/G ratio of 0.64 and a beta of 2.06. 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 12-month low of $67.78 and a 12-month high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the company earned $1.44 earnings per share. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts predict that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

THC has been the topic of several research reports. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $205.00 to $150.00 in a research note on Monday, November 25th. Truist Financial reiterated a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Royal Bank of Canada increased their price objective 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. KeyCorp assumed coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Finally, Barclays lifted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $168.19.

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.