Point72 Hong Kong Ltd Purchases 39,682 Shares of Tenet Healthcare Co. (NYSE:THC)

Point72 Hong Kong Ltd lifted its position in shares of Tenet Healthcare Co. (NYSE:THC) by 6,889.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,258 shares of the company’s stock after buying an additional 39,682 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Tenet Healthcare were worth $5,356,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of THC. Vanguard Group Inc. grew its position in shares of Tenet Healthcare by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after purchasing an additional 172,913 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after buying an additional 29,172 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Tenet Healthcare in the first quarter worth $410,000. Hsbc Holdings PLC grew its stake in Tenet Healthcare by 113.0% during the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock valued at $34,266,000 after acquiring an additional 240,611 shares in the last quarter. Finally, First Light Asset Management LLC bought a new stake in Tenet Healthcare in the 4th quarter valued at $14,706,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

THC stock opened at $166.21 on Wednesday. The firm has a market cap of $15.93 billion, a price-to-earnings ratio of 6.45, a PEG ratio of 0.86 and a beta of 2.14. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $171.20. 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 business’s fifty day simple moving average is $154.48 and its two-hundred day simple moving average is $131.68.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Analysts predict that Tenet Healthcare Co. will post 10.72 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of brokerages recently commented on THC. 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 note on Thursday, July 25th. 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. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. upped their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, Barclays boosted their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $152.69.

Insider Buying and Selling at Tenet Healthcare

In other 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 transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 sale, the director now 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 sold a total of 128,203 shares of company stock valued at $19,754,997 in the last ninety days. Corporate insiders own 0.93% of the company’s stock.

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.