Amalgamated Bank Cuts Holdings in Tenet Healthcare Co. (NYSE:THC)

Amalgamated Bank lessened its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 25.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,713 shares of the company's stock after selling 15,380 shares during the period. Amalgamated Bank's holdings in Tenet Healthcare were worth $7,598,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of THC. Innealta Capital LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth approximately $28,000. ORG Wealth Partners LLC bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth approximately $30,000. ORG Partners LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter worth approximately $31,000. Blue Trust Inc. boosted its position in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 95.44% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on Tenet Healthcare from $195.00 to $205.00 and gave the company an "overweight" rating in a report on Wednesday. Cantor Fitzgerald increased their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. The Goldman Sachs Group increased their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Barclays upped their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an "overweight" rating in a research note on Monday, July 29th. Finally, KeyCorp started coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an "overweight" rating and a $200.00 price objective for the company. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $164.24.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded up $8.16 during trading on Thursday, reaching $168.53. 1,152,453 shares of the stock traded hands, compared to its average volume of 1,217,522. The company has a market capitalization of $16.03 billion, a price-to-earnings ratio of 5.14, a P/E/G ratio of 0.73 and a beta of 2.15. The business has a fifty day simple moving average of $159.36 and a two-hundred day simple moving average of $143.85. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 52-week low of $52.08 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts' consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter last year, the firm earned $1.44 EPS. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. Sell-side analysts expect that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 13,773 shares of the company's stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other 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 transaction, the executive vice president now directly owns 15,566 shares of the company's stock, valued at approximately $2,427,362.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the firm'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 transaction of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,203 shares of company stock valued at $17,451,957. Insiders own 0.93% of the company's stock.

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.