Tenet Healthcare Co. (NYSE:THC) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in Tenet Healthcare Co. (NYSE:THC) by 7.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,558 shares of the company’s stock after buying an additional 9,527 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.15% of Tenet Healthcare worth $19,497,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of THC. Glenview Capital Management LLC grew its position in Tenet Healthcare by 12.8% during the 4th 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 last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after buying an additional 790,684 shares during the period. 8 Knots Management LLC acquired a new position in Tenet Healthcare in the 4th quarter valued at about $44,412,000. Greenlight Capital Inc. lifted 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 acquiring an additional 404,190 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of Tenet Healthcare by 7,223.1% in the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after purchasing an additional 321,789 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

NYSE THC opened at $162.75 on Wednesday. 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 $15.90 billion, a price-to-earnings ratio of 6.32, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $171.20. The business has a fifty day moving average of $157.53 and a 200-day moving average of $133.99.

Tenet Healthcare (NYSE:THC) last released its quarterly 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. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. As a group, analysts predict that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on THC shares. Truist Financial reaffirmed a “buy” rating and set a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday. Barclays increased 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. Finally, UBS Group upped their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average 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.