Wedmont Private Capital Acquires Shares of 1,351 Tenet Healthcare Co. (NYSE:THC)

Wedmont Private Capital bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,351 shares of the company’s stock, valued at approximately $207,000.

Several other hedge funds have also recently modified their holdings of THC. Vanguard Group Inc. lifted its stake in shares of Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after acquiring an additional 172,913 shares during the period. GAMMA Investing LLC lifted its position in Tenet Healthcare by 17.0% in the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after purchasing an additional 106 shares during the period. Rise Advisors LLC acquired a new position in Tenet Healthcare during the 1st quarter worth approximately $29,000. Park Avenue Securities LLC lifted its holdings in shares of Tenet Healthcare by 8.0% in the 1st quarter. Park Avenue Securities LLC now owns 13,255 shares of the company’s stock valued at $1,393,000 after buying an additional 978 shares during the period. Finally, Global Assets Advisory LLC purchased a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $1,767,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on THC shares. Barclays raised their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Wells Fargo & Company raised 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. Raymond James boosted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Finally, The Goldman Sachs Group raised their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $155.47.

Insiders Place Their Bets

In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $2,234,465.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s 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 completion of the sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on 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 owns 13,773 shares in the company, valued at $2,126,688.93. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 over the last three months. 0.93% of the stock is owned by insiders.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $155.82 on Monday. The stock has a fifty day moving average price of $158.58 and a 200 day moving average price of $136.95. 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 52 week low of $51.04 and a 52 week high of $171.20. The firm has a market capitalization of $14.93 billion, a P/E ratio of 5.72, a PEG ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released 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. The business 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%. Equities research analysts anticipate that Tenet Healthcare Co. will post 10.73 earnings per share for the current year.

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

Tenet Healthcare Profile

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.