Tenet Healthcare Co. (NYSE:THC) Shares Acquired by Raymond James & Associates

Raymond James & Associates lifted its holdings in Tenet Healthcare Co. (NYSE:THC) by 24.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 130,485 shares of the company’s stock after purchasing an additional 26,011 shares during the quarter. Raymond James & Associates’ holdings in Tenet Healthcare were worth $21,687,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. BNP Paribas Financial Markets increased its stake 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 worth $5,768,000 after purchasing an additional 29,172 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Tenet Healthcare during the first quarter valued at approximately $410,000. Diversified Trust Co acquired a new stake in shares of Tenet Healthcare in the second quarter worth approximately $558,000. Janney Montgomery Scott LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth approximately $537,000. Finally, O Shaughnessy Asset Management LLC lifted its holdings in Tenet Healthcare by 31.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company’s stock valued at $2,961,000 after purchasing an additional 6,687 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of THC opened at $139.70 on Friday. The firm has a 50-day simple moving average of $159.85 and a two-hundred day simple moving average of $140.23. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $171.20. The stock has a market cap of $13.65 billion, a PE ratio of 5.42, a P/E/G ratio of 0.80 and a beta of 2.14.

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

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

Insider Activity

In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm’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 $2,126,688.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. KeyCorp initiated coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. Wells Fargo & Company upped their price target on Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday. Barclays lifted their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 1st. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $157.24.

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.