Mutual of America Capital Management LLC Lowers Position in Tenet Healthcare Co. (NYSE:THC)

Mutual of America Capital Management LLC lessened its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,853 shares of the company's stock after selling 4,421 shares during the period. Mutual of America Capital Management LLC owned approximately 0.09% of Tenet Healthcare worth $13,604,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Optas LLC lifted its position in Tenet Healthcare by 3.4% during the third quarter. Optas LLC now owns 2,821 shares of the company's stock worth $469,000 after purchasing an additional 93 shares during the period. Signaturefd LLC lifted its holdings in shares of Tenet Healthcare by 17.6% during the 3rd quarter. Signaturefd LLC now owns 628 shares of the company's stock worth $104,000 after acquiring an additional 94 shares during the period. CIBC Asset Management Inc raised its position in Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company's stock valued at $480,000 after purchasing an additional 94 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Tenet Healthcare by 20.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company's stock valued at $74,000 after purchasing an additional 96 shares in the last quarter. Finally, First Citizens Bank & Trust Co. raised its holdings in shares of Tenet Healthcare by 5.1% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company's stock worth $370,000 after buying an additional 109 shares in the last quarter. Institutional investors own 95.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. UBS Group lifted their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an "overweight" rating and a $200.00 price target on the stock. Royal Bank of Canada raised their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Finally, Barclays boosted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $170.38.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The stock was 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 trade represents a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the company'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 value of $327,340.00. Following the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,599 shares of company stock valued at $2,830,834. 0.93% of the stock is currently owned by company insiders.

Tenet Healthcare Trading Down 4.5 %

Shares of NYSE THC traded down $7.31 during midday trading on Friday, reaching $155.34. The stock had a trading volume of 1,573,786 shares, compared to its average volume of 1,474,845. Tenet Healthcare Co. has a twelve month low of $57.65 and a twelve month high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The company's 50 day moving average price is $159.57 and its 200 day moving average price is $147.00. The firm has a market cap of $14.77 billion, a price-to-earnings ratio of 4.98, a price-to-earnings-growth ratio of 0.70 and a beta of 2.15.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts' consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the business posted $1.44 EPS. The business's revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts expect that Tenet Healthcare Co. will post 11.37 EPS for the current year.

Tenet Healthcare declared that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.