B. Riley Wealth Advisors Inc. cut its holdings in Tenet Healthcare Co. (NYSE:THC – Free Report) by 25.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,273 shares of the company’s stock after selling 1,426 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Tenet Healthcare were worth $348,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its position in Tenet Healthcare by 3.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 29,800 shares of the company’s stock valued at $2,425,000 after buying an additional 1,100 shares in the last quarter. Scissortail Wealth Management LLC bought a new stake in Tenet Healthcare in the 1st quarter valued at about $1,271,124,000. Texas Permanent School Fund Corp increased its position in Tenet Healthcare by 33.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 96,880 shares of the company’s stock valued at $5,757,000 after buying an additional 24,190 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Tenet Healthcare in the 1st quarter valued at about $213,000. Finally, Prelude Capital Management LLC increased its position in Tenet Healthcare by 80.4% in the 1st quarter. Prelude Capital Management LLC now owns 77,938 shares of the company’s stock valued at $4,631,000 after buying an additional 34,743 shares in the last quarter. 93.56% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on THC shares. UBS Group lifted their price target on Tenet Healthcare from $95.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Raymond James lifted their price target on Tenet Healthcare from $85.00 to $95.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 2nd. Citigroup lifted their price target on Tenet Healthcare from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Royal Bank of Canada lifted their price target on Tenet Healthcare from $84.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Finally, Stephens lifted their price target on Tenet Healthcare from $87.00 to $89.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and a consensus target price of $85.63.
Tenet Healthcare Price Performance
Shares of NYSE THC opened at $54.57 on Friday. The stock has a fifty day simple moving average of $68.24 and a two-hundred day simple moving average of $71.71. Tenet Healthcare Co. has a 1-year low of $36.69 and a 1-year high of $85.40. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.48 and a beta of 2.15. The company has a current ratio of 1.44, a quick ratio of 1.35 and a debt-to-equity ratio of 5.47.
Tenet Healthcare (NYSE:THC – Get Free Report) last posted its earnings results on Monday, July 31st. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.18. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.91 billion. Tenet Healthcare had a return on equity of 26.60% and a net margin of 2.51%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.50 earnings per share. Analysts anticipate that Tenet Healthcare Co. will post 5.73 earnings per share for the current year.
About Tenet Healthcare
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates through three segments: Hospital Operations, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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