Van ECK Associates Corp Sells 3,163 Shares of Tenet Healthcare Co. (NYSE:THC)

Van ECK Associates Corp lessened its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 41.5% during the third quarter, Holdings Channel.com reports. The firm owned 4,456 shares of the company’s stock after selling 3,163 shares during the period. Van ECK Associates Corp’s holdings in Tenet Healthcare were worth $702,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in THC. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare during the second quarter worth about $28,000. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare during the 3rd quarter worth approximately $30,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare in the second quarter valued at approximately $31,000. Blue Trust Inc. grew its holdings in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Tenet Healthcare in the 2nd quarter valued at $34,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Trading Down 1.6 %

Shares of THC opened at $164.25 on Wednesday. The business’s 50-day moving average price is $159.50 and its 200-day moving average price is $146.13. The stock has a market cap of $15.62 billion, a PE ratio of 5.26, a P/E/G ratio of 0.74 and a beta of 2.15. Tenet Healthcare Co. has a twelve month low of $53.63 and a twelve month high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.44 EPS. On average, equities analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Tenet Healthcare announced that its board has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,976 shares of company stock worth $4,137,646. 0.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. KeyCorp began coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price for the company. Cantor Fitzgerald upped their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup boosted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. UBS Group lifted their target price on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $165.35.

Tenet Healthcare 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.