Tenet Healthcare Co. (NYSE:THC) Shares Sold by LMR Partners LLP

LMR Partners LLP trimmed its holdings in Tenet Healthcare Co. (NYSE:THC) by 54.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,789 shares of the company’s stock after selling 19,219 shares during the quarter. LMR Partners LLP’s holdings in Tenet Healthcare were worth $2,624,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in shares of Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares during the period. 8 Knots Management LLC increased its holdings in Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after purchasing an additional 438,033 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Tenet Healthcare by 7,223.1% in the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after purchasing an additional 321,789 shares during the last quarter. Farallon Capital Management LLC increased its holdings in Tenet Healthcare by 70.1% in the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock valued at $67,002,000 after purchasing an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Tenet Healthcare by 344.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after acquiring an additional 245,875 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Down 1.2 %

THC stock opened at $153.45 on Tuesday. The firm’s 50-day moving average is $159.58 and its two-hundred day moving average is $147.46. The company has a market capitalization of $14.59 billion, a price-to-earnings ratio of 4.92, a price-to-earnings-growth ratio of 0.70 and a beta of 2.15. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare Co. has a 52 week low of $62.70 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations 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 was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.44 EPS. On average, analysts forecast that Tenet Healthcare Co. will post 11.37 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’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 transaction of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,599 shares of company stock valued at $2,830,834 in the last quarter. Insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on THC shares. Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald upped their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. KeyCorp began coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price target on the stock. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and an average price target of $170.38.

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.