Aberdeen Group plc Purchases 826,735 Shares of Tenet Healthcare Corporation $THC

Key Points

• Aberdeen Group sharply increased its Tenet Healthcare stake, buying 826,735 shares in the third quarter—a 4,392.9% increase—to hold 845,555 shares, or 1.06% of the company.
• Tenet reported quarterly earnings of $6.64 per share, topping the $4.68 analyst consensus, while revenue of $6.28 billion rose 6.5% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $296.65. Separately, insiders sold 99,462 shares worth about $27.1 million over the past 90 days.

Aberdeen Group plc raised its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 4,392.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 845,555 shares of the company's stock after buying an additional 826,735 shares during the quarter. Aberdeen Group plc owned 1.06% of Tenet Healthcare worth $216,090,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC lifted its stake in Tenet Healthcare by 1.7% during the third quarter. Ashton Thomas Private Wealth LLC now owns 2,468 shares of the company's stock worth $631,000 after purchasing an additional 42 shares during the period. PeakShares LLC boosted its stake in Tenet Healthcare by 3.3% in the 1st quarter. PeakShares LLC now owns 1,693 shares of the company's stock valued at $319,000 after buying an additional 54 shares in the last quarter. Parallel Advisors LLC grew its position in Tenet Healthcare by 4.4% in the third quarter. Parallel Advisors LLC now owns 1,282 shares of the company's stock valued at $328,000 after acquiring an additional 54 shares during the period. Sanctuary Advisors LLC raised its stake in Tenet Healthcare by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 11,900 shares of the company's stock worth $2,246,000 after acquiring an additional 57 shares in the last quarter. Finally, MGO One Seven LLC lifted its holdings in shares of Tenet Healthcare by 2.5% during the third quarter. MGO One Seven LLC now owns 2,566 shares of the company's stock valued at $656,000 after acquiring an additional 63 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Lisa Foo sold 24,000 shares of Tenet Healthcare stock in a transaction on Monday, August 31st. The stock was sold at an average price of $266.32, for a total transaction of $6,391,680.00. Following the sale, the executive vice president directly owned 8,053 shares in the company, valued at $2,144,674.96. The trade was a 74.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director J. Robert Kerrey sold 12,010 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the transaction, the director directly owned 4,794 shares of the company's stock, valued at $1,264,273.68. This represents a 71.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 99,462 shares of company stock worth $27,081,234. Company insiders own 0.97% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on THC. Wells Fargo & Company raised their target price on Tenet Healthcare from $281.00 to $321.00 and gave the company an "overweight" rating in a research note on Monday, November 2nd. Royal Bank Of Canada lifted their target price on Tenet Healthcare from $283.00 to $304.00 and gave the company an "outperform" rating in a research note on Monday, November 2nd. Truist Financial reaffirmed a "buy" rating and set a $305.00 target price (up from $290.00) on shares of Tenet Healthcare in a report on Tuesday, November 3rd. Leerink Partners increased their price target on Tenet Healthcare from $309.00 to $342.00 and gave the company an "outperform" rating in a research note on Monday, November 2nd. Finally, Weiss Ratings upgraded Tenet Healthcare from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Nineteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $296.65.

Tenet Healthcare Trading Down 0.2%

Shares of Tenet Healthcare stock opened at $286.34 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare Corporation has a 52-week low of $157.58 and a 52-week high of $301.44. The firm has a 50-day moving average of $267.83 and a 200-day moving average of $224.88. The stock has a market cap of $22.79 billion, a PE ratio of 8.30, a PEG ratio of 1.53 and a beta of 1.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, beating the consensus estimate of $4.68 by $1.96. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The business had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period last year, the firm posted $3.70 earnings per share. Tenet Healthcare's revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Tenet Healthcare Corporation will post 22.32 EPS for the current year.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company's Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.

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