DME Capital Management LP Has $79.51 Million Holdings in Tenet Healthcare Co. (NYSE:THC)

DME Capital Management LP lessened its stake in Tenet Healthcare Co. (NYSE:THC) by 32.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 597,677 shares of the company’s stock after selling 292,953 shares during the period. Tenet Healthcare accounts for approximately 3.9% of DME Capital Management LP’s investment portfolio, making the stock its 9th largest holding. DME Capital Management LP’s holdings in Tenet Healthcare were worth $79,509,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in THC. Wells Fargo & Company MN grew its stake in Tenet Healthcare by 2.1% in the fourth quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock valued at $11,745,000 after purchasing an additional 3,237 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Tenet Healthcare by 10.0% during the fourth quarter. Franklin Resources Inc. now owns 46,209 shares of the company’s stock worth $3,492,000 after acquiring an additional 4,196 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Tenet Healthcare by 113.0% during the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock worth $34,266,000 after acquiring an additional 240,611 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Tenet Healthcare by 337.9% during the fourth quarter. TD Asset Management Inc now owns 76,190 shares of the company’s stock worth $5,758,000 after acquiring an additional 58,790 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its stake in shares of Tenet Healthcare by 46.1% during the fourth quarter. Allianz Asset Management GmbH now owns 286,231 shares of the company’s stock worth $21,630,000 after acquiring an additional 90,266 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Analyst Ratings Changes

THC has been the topic of a number of recent research reports. Robert W. Baird initiated coverage on Tenet Healthcare in a research report on Thursday, May 30th. They issued an “outperform” rating and a $153.00 target price on the stock. Wells Fargo & Company upped their target price on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Truist Financial reiterated a “buy” rating and issued a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Baird R W raised Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Finally, Raymond James boosted their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Stock Performance

NYSE THC opened at $167.70 on Thursday. The stock has a fifty day simple moving average of $155.16 and a 200-day simple moving average of $131.93. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $171.20. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock has a market cap of $16.07 billion, a PE ratio of 6.51, a P/E/G ratio of 0.86 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Equities analysts anticipate that Tenet Healthcare Co. will post 10.72 earnings per share for the current year.

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

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company’s stock.

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.