Versor Investments LP Sells 6,161 Shares of Tenet Healthcare Co. (NYSE:THC)

Versor Investments LP decreased its position in shares of Tenet Healthcare Co. (NYSE:THC) by 53.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,439 shares of the company’s stock after selling 6,161 shares during the quarter. Versor Investments LP’s holdings in Tenet Healthcare were worth $904,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of THC. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare in the third quarter worth approximately $1,055,000. Diversified Trust Co purchased a new position in Tenet Healthcare in the 2nd quarter worth approximately $558,000. O Shaughnessy Asset Management LLC lifted its position in shares of Tenet Healthcare by 31.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company’s stock worth $2,961,000 after buying an additional 6,687 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Tenet Healthcare in the first quarter valued at $537,000. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after purchasing an additional 7,078 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Price Performance

Shares of THC opened at $164.25 on Wednesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. 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. The firm has a 50-day simple moving average of $159.50 and a two-hundred day simple moving average of $146.13. Tenet Healthcare Co. has a 1-year low of $53.63 and a 1-year high of $171.20.

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

Tenet Healthcare declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on THC shares. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Truist Financial restated a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. KeyCorp began coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Finally, Barclays lifted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $165.35.

Insiders Place Their Bets

In related news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,976 shares of company stock worth $4,137,646 in the last ninety days. 0.93% of the stock is owned by corporate insiders.

Tenet Healthcare Company 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.