Seven Eight Capital LP Acquires Shares of 8,497 Tenet Healthcare Co. (NYSE:THC)

Seven Eight Capital LP purchased a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 8,497 shares of the company’s stock, valued at approximately $1,130,000.

Several other hedge funds have also added to or reduced their stakes in THC. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare during the 2nd quarter worth approximately $28,000. Rise Advisors LLC bought a new stake in shares of Tenet Healthcare in the first quarter valued at $29,000. ORG Partners LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at $31,000. Blue Trust Inc. increased its holdings in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares during the last quarter. Finally, Capital Advisors Ltd. LLC lifted its holdings in Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after purchasing an additional 319 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $165.10 on Friday. The company has a market capitalization of $16.13 billion, a price-to-earnings ratio of 6.41, a PEG ratio of 0.80 and a beta of 2.14. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $167.29. The business has a 50 day moving average of $152.47 and a 200 day moving average of $129.74. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. On average, sell-side analysts predict that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Robert W. Baird began coverage on Tenet Healthcare in a research report on Thursday, May 30th. They set an “outperform” rating and a $153.00 target price on the stock. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group raised their target price on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and an average price target of $152.69.

Insider Activity at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 in the last ninety days. 0.93% of the stock is owned by company insiders.

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.