Evergreen Capital Management LLC Takes $222,000 Position in Tenet Healthcare Co. (NYSE:THC)

Evergreen Capital Management LLC bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 1,666 shares of the company’s stock, valued at approximately $222,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at approximately $28,000. Rise Advisors LLC bought a new stake in Tenet Healthcare in the first quarter valued at $29,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare during the second quarter valued at $31,000. Blue Trust Inc. boosted its stake in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Tenet Healthcare during the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Transactions at Tenet Healthcare

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

Analyst Ratings Changes

Several analysts have weighed in on THC shares. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Barclays increased their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a research report on Monday, August 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Stock Down 1.0 %

Shares of Tenet Healthcare stock opened at $163.22 on Friday. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 month high of $171.20. The business has a fifty day simple moving average of $156.42 and a 200 day simple moving average of $132.85. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The stock has a market cap of $15.64 billion, a PE ratio of 6.33, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Research analysts predict that Tenet Healthcare Co. will post 10.72 EPS for the current year.

Tenet Healthcare declared that its board has initiated a share buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.