Tenet Healthcare Co. (NYSE:THC) Stock Holdings Increased by Fortis Group Advisors LLC

Fortis Group Advisors LLC boosted its position in Tenet Healthcare Co. (NYSE:THC) by 15.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,607 shares of the company’s stock after buying an additional 349 shares during the quarter. Fortis Group Advisors LLC’s holdings in Tenet Healthcare were worth $347,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after buying an additional 90 shares during the last quarter. Violich Capital Management Inc. grew its holdings in shares of Tenet Healthcare by 3.2% during the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after purchasing an additional 105 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after purchasing an additional 106 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Tenet Healthcare by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after purchasing an additional 115 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Price Performance

Shares of NYSE:THC traded up $1.17 on Friday, reaching $165.84. 651,305 shares of the company traded hands, compared to its average volume of 1,204,352. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $166.08. The company’s 50 day moving average is $145.14 and its 200-day moving average is $123.03. The stock has a market capitalization of $16.20 billion, a PE ratio of 6.44, a P/E/G ratio of 0.76 and a beta of 2.15. 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 (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, analysts anticipate that Tenet Healthcare Co. will post 10.68 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on THC shares. Truist Financial reaffirmed a “buy” rating and set a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. UBS Group increased their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Baird R W raised Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Wells Fargo & Company increased their price objective on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $152.69.

Insider Activity

In other news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on 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 directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 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. The disclosure for this sale can be found here. Insiders sold 118,004 shares of company stock worth $18,060,399 over the last quarter. Corporate insiders own 0.93% of the company’s stock.

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.