Caprock Group LLC Buys Shares of 3,585 Tenet Healthcare Co. (NYSE:THC)

Caprock Group LLC acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 3,585 shares of the company’s stock, valued at approximately $477,000.

A number of other institutional investors and hedge funds have also bought and sold shares of THC. Vanguard Group Inc. grew its holdings in shares of Tenet Healthcare by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after purchasing an additional 172,913 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Tenet Healthcare by 11.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares during the period. Glenview Capital Management LLC lifted its holdings in shares of Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after purchasing an additional 877,180 shares during the period. Dimensional Fund Advisors LP increased its holdings in Tenet Healthcare by 16.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock valued at $114,629,000 after purchasing an additional 212,185 shares during the period. Finally, Greenlight Capital Inc. raised its position in Tenet Healthcare by 44.3% during the 4th quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock worth $99,448,000 after purchasing an additional 404,190 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Paola M. Arbour sold 8,377 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the transaction, the executive vice president now directly owns 21,426 shares in the company, valued at $3,342,456. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock worth $19,754,997. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $157.66 on Thursday. The firm has a market cap of $15.40 billion, a price-to-earnings ratio of 6.12, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. The stock has a fifty day simple moving average of $148.91 and a two-hundred day simple moving average of $127.07. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $166.89.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The business had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Analysts anticipate that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on THC shares. Wells Fargo & Company raised their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a research report on Monday, August 19th. Barclays raised their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and a consensus target price of $152.69.

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.