Prudential PLC Acquires Shares of 9,456 Tenet Healthcare Co. (NYSE:THC)

Prudential PLC bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,456 shares of the company's stock, valued at approximately $1,258,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Tenet Healthcare by 0.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company's stock valued at $1,325,000 after acquiring an additional 90 shares during the last quarter. Violich Capital Management Inc. lifted its position in Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company's stock worth $355,000 after buying an additional 105 shares during the last quarter. GAMMA Investing LLC lifted its position in Tenet Healthcare by 17.0% in the first quarter. GAMMA Investing LLC now owns 731 shares of the company's stock worth $77,000 after buying an additional 106 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in Tenet Healthcare by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company's stock worth $1,186,000 after buying an additional 115 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after buying an additional 120 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 0.2 %

Shares of THC traded up $0.35 during trading hours on Thursday, hitting $158.01. The company had a trading volume of 747,713 shares, compared to its average volume of 1,207,776. The company has a market capitalization of $15.43 billion, a PE ratio of 6.12, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14. 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 Co. has a one year low of $51.04 and a one year high of $166.89. The company's fifty day moving average price is $148.91 and its two-hundred day moving average price is $127.07.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. As a group, equities analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

THC has been the subject of a number of analyst reports. Baird R W upgraded Tenet Healthcare to a "strong-buy" rating in a research report on Thursday, May 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $168.00 price target on shares of Tenet Healthcare in a report on Monday, August 19th. StockNews.com raised shares of Tenet Healthcare from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 7th. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 30th. Finally, Raymond James increased their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $152.69.

Insider Buying and Selling

In related news, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company's stock, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 in the last ninety days. 0.93% of the stock is owned by 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.