Quantbot Technologies LP Buys New Stake in Tenet Healthcare Co. (NYSE:THC)

Quantbot Technologies LP bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 26,738 shares of the company’s stock, valued at approximately $3,557,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new stake in Tenet Healthcare during the 2nd quarter worth $28,000. Rise Advisors LLC purchased a new stake in Tenet Healthcare during the 1st quarter worth $29,000. ORG Partners LLC purchased a new stake in Tenet Healthcare during the 2nd quarter worth $31,000. Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in Tenet Healthcare by 759.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after buying an additional 319 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Up 1.4 %

Tenet Healthcare stock opened at $164.62 on Tuesday. The firm has a market cap of $16.08 billion, a PE ratio of 6.39, a P/E/G ratio of 0.80 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The firm’s 50 day moving average price is $150.68 and its two-hundred day moving average price is $128.81. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $166.89.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate 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 net margin of 13.17% and a return on equity of 24.66%. On average, research analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last ninety days. Corporate insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Robert W. Baird began coverage on shares of Tenet Healthcare in a research report on Thursday, May 30th. They issued an “outperform” rating and a $153.00 target price for the company. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $152.69.

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.