Point72 DIFC Ltd Makes New $2.37 Million Investment in Tenet Healthcare Co. (NYSE:THC)

Point72 DIFC Ltd bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 17,795 shares of the company’s stock, valued at approximately $2,367,000.

Several other institutional investors and hedge funds have also bought and sold shares of THC. Glenview Capital Management LLC raised its position in shares of Tenet Healthcare by 12.8% during the fourth 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 period. Price T Rowe Associates Inc. MD lifted its stake in shares of Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares in the last quarter. 8 Knots Management LLC bought a new stake in shares of Tenet Healthcare during the fourth quarter worth about $44,412,000. Greenlight Capital Inc. raised its holdings in shares of Tenet Healthcare by 44.3% in 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 last quarter. Finally, Acadian Asset Management LLC boosted its stake in Tenet Healthcare by 7,223.1% during 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 owned by institutional investors.

Tenet Healthcare Stock Performance

Shares of THC opened at $166.21 on Wednesday. The stock’s 50-day simple moving average is $154.48 and its 200 day simple moving average is $131.68. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $171.20. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of 6.45, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

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

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

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Tenet Healthcare 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated 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 owns 13,773 shares in the company, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on THC. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Barclays lifted their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Truist Financial reissued a “buy” rating and set a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Raymond James upped their price objective 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, UBS Group boosted their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. One research 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Company 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.