Tenet Healthcare Co. (NYSE:THC) Shares Sold by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. decreased its position in Tenet Healthcare Co. (NYSE:THC) by 81.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,658 shares of the company’s stock after selling 7,146 shares during the period. Lecap Asset Management Ltd.’s holdings in Tenet Healthcare were worth $276,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. 180 Wealth Advisors LLC purchased a new stake in Tenet Healthcare in the 1st quarter valued at approximately $241,000. Optas LLC purchased a new stake in Tenet Healthcare during the 1st quarter worth about $237,000. Allspring Global Investments Holdings LLC lifted its holdings in Tenet Healthcare by 8.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,236 shares of the company’s stock valued at $4,965,000 after purchasing an additional 3,869 shares in the last quarter. State of Michigan Retirement System boosted its stake in shares of Tenet Healthcare by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock worth $2,617,000 after purchasing an additional 500 shares during the last quarter. Finally, Silverlake Wealth Management LLC acquired a new position in shares of Tenet Healthcare in the first quarter valued at approximately $223,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s 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 sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. Truist Financial raised their price target on Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. KeyCorp started coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Raymond James upped their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $157.24.

Tenet Healthcare Stock Down 4.2 %

Shares of NYSE:THC opened at $151.03 on Friday. The company has a market capitalization of $14.47 billion, a price-to-earnings ratio of 5.54, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. The company has a 50 day moving average of $160.19 and a two-hundred day moving average of $139.96. The company has a quick ratio of 1.38, a current ratio of 1.45 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.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $4.98 billion. As a group, analysts forecast that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

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