Mirae Asset Global Investments Co. Ltd. Invests $946,000 in Tenet Healthcare Co. (NYSE:THC)

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Tenet Healthcare Co. (NYSE:THC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 12,514 shares of the company’s stock, valued at approximately $946,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. purchased a new stake in shares of Tenet Healthcare in the 3rd quarter valued at $67,000. USA Financial Formulas acquired a new position in shares of Tenet Healthcare during the 3rd quarter worth about $92,000. CWM LLC lifted its holdings in shares of Tenet Healthcare by 49.8% in the 3rd quarter. CWM LLC now owns 1,443 shares of the company’s stock valued at $95,000 after purchasing an additional 480 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $152,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $155,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the sale, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Tenet Healthcare news, EVP Thomas W. Arnst sold 17,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $94.84, for a total value of $1,612,280.00. Following the transaction, the executive vice president now owns 8,148 shares of the company’s stock, valued at $772,756.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now owns 20,127 shares in the company, valued at $1,775,402.67. The disclosure for this sale can be found here. Insiders have sold a total of 51,268 shares of company stock valued at $4,944,810 over the last quarter. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $97.86 on Wednesday. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The business has a 50 day moving average of $97.75 and a two-hundred day moving average of $79.92. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $107.80. The company has a market cap of $9.71 billion, a P/E ratio of 17.14, a PEG ratio of 2.99 and a beta of 2.08.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $1.10. The company had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.28 billion. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.96 earnings per share. As a group, analysts anticipate that Tenet Healthcare Co. will post 6.3 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Truist Financial upped their price objective on Tenet Healthcare from $92.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Wells Fargo & Company raised their price objective on Tenet Healthcare from $105.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Barclays assumed coverage on Tenet Healthcare in a report on Wednesday, March 6th. They set an “overweight” rating and a $113.00 price objective on the stock. TheStreet raised Tenet Healthcare from a “c+” rating to a “b-” rating in a research report on Tuesday, February 6th. Finally, Mizuho raised their price objective on Tenet Healthcare from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and an average target price of $100.38.

About Tenet Healthcare

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.