First Citizens Bank & Trust Co. Has $370,000 Holdings in Tenet Healthcare Co. (NYSE:THC)

First Citizens Bank & Trust Co. increased its holdings in Tenet Healthcare Co. (NYSE:THC) by 5.1% during the third quarter, HoldingsChannel reports. The fund owned 2,226 shares of the company’s stock after acquiring an additional 109 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Tenet Healthcare were worth $370,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Tenet Healthcare in the 2nd quarter worth about $28,000. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare in the 3rd quarter worth about $30,000. ORG Partners LLC bought a new stake in Tenet Healthcare in the 2nd quarter worth about $31,000. Blue Trust Inc. grew its position in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in Tenet Healthcare in the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE THC opened at $163.87 on Monday. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $171.20. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The stock has a market capitalization of $16.01 billion, a PE ratio of 6.36, a P/E/G ratio of 0.78 and a beta of 2.14. The company’s 50 day simple moving average is $159.94 and its two-hundred day simple moving average is $138.71.

Tenet Healthcare (NYSE:THC) last posted 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%. Analysts predict that Tenet Healthcare Co. will post 10.73 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has approved a stock buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Saumya Sutaria sold 86,227 shares of the firm’s 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 sale, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the 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 directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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 Ratings Changes

THC has been the subject of a number of recent analyst reports. Citigroup upped their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Raymond James increased their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Barclays increased their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. The Goldman Sachs Group increased their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company increased their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $156.06.

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.