Resolute Capital Asset Partners LLC Makes New $3.33 Million Investment in Tenet Healthcare Co. (NYSE:THC)

Resolute Capital Asset Partners LLC purchased a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 25,000 shares of the company's stock, valued at approximately $3,326,000. Tenet Healthcare accounts for approximately 1.9% of Resolute Capital Asset Partners LLC's investment portfolio, making the stock its 20th biggest position.

A number of other institutional investors also recently modified their holdings of THC. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare in the second quarter worth approximately $28,000. Rise Advisors LLC bought a new position in Tenet Healthcare during the 1st quarter valued at approximately $29,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare in the 2nd quarter worth approximately $31,000. Blue Trust Inc. grew its stake 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 buying an additional 120 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its stake in Tenet Healthcare by 759.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company's stock valued at $48,000 after purchasing an additional 319 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Stock Up 3.8 %

Shares of THC traded up $6.16 during midday trading on Thursday, reaching $167.23. 1,361,386 shares of the stock were exchanged, compared to its average volume of 1,206,114. The firm has a 50 day simple moving average of $151.81 and a 200-day simple moving average of $129.48. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $167.29. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 6.49, a P/E/G ratio of 0.80 and a beta of 2.14.

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

Tenet Healthcare announced that its board has initiated a stock buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the 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 sale, the chief executive officer now owns 13,773 shares of the company's stock, valued at $2,126,688.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the business's stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now directly 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 128,203 shares of company stock worth $19,754,997 over the last 90 days. Company insiders own 0.93% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. The Goldman Sachs Group lifted their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. Raymond James upped their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a "strong-buy" rating in a report on Thursday, July 25th. Truist Financial restated a "buy" rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Cantor Fitzgerald reissued an "overweight" rating and issued a $168.00 price target on shares of Tenet Healthcare in a research note on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a "buy" rating in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $152.69.

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.