Oliver Luxxe Assets LLC Cuts Holdings in Tenet Healthcare Co. (NYSE:THC)

Oliver Luxxe Assets LLC lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 75.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,985 shares of the company’s stock after selling 14,933 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Tenet Healthcare were worth $829,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of THC. Price T Rowe Associates Inc. MD lifted 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 buying an additional 790,684 shares in the last quarter. 8 Knots Management LLC lifted its holdings in Tenet Healthcare by 74.5% during the first 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 in the last quarter. Acadian Asset Management LLC increased its stake in shares of Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares in the last quarter. Farallon Capital Management LLC lifted its stake 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 buying an additional 262,600 shares in the last quarter. Finally, Kingdon Capital Management L.L.C. raised its position in shares of Tenet Healthcare by 335.8% in the first quarter. Kingdon Capital Management L.L.C. now owns 278,700 shares of the company’s stock valued at $29,294,000 after buying an additional 214,750 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

THC stock opened at $155.29 on Tuesday. The business has a 50 day simple moving average of $158.78 and a 200-day simple moving average of $137.31. The company has a market capitalization of $15.17 billion, a P/E ratio of 6.03, a PEG ratio of 0.78 and a beta of 2.14. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $171.20. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 10.73 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was 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 owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was 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 in the company, valued at $2,126,688.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Raymond James boosted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. UBS Group upped their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. The Goldman Sachs Group boosted their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Barclays lifted their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $156.06.

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.