Point72 Asia Singapore Pte. Ltd. Acquires New Holdings in Tenet Healthcare Co. (NYSE:THC)

Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,290 shares of the company's stock, valued at approximately $2,034,000.

A number of other large investors have also recently made changes to their positions in THC. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $28,000. ORG Partners LLC purchased a new stake in Tenet Healthcare during the second quarter valued at approximately $31,000. Blue Trust Inc. boosted its stake in shares of Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after acquiring an additional 120 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at $34,000. Finally, Rise Advisors LLC bought a new position in Tenet Healthcare in the 1st quarter worth $29,000. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Price Performance

THC stock traded up $1.37 during trading on Wednesday, hitting $167.70. 658,429 shares of the company's stock traded hands, compared to its average volume of 1,205,111. The business has a fifty day simple moving average of $154.48 and a 200 day simple moving average of $131.68. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The stock has a market capitalization of $16.07 billion, a price-to-earnings ratio of 6.51, a P/E/G ratio of 0.86 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 for the quarter, topping the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, research analysts expect that Tenet Healthcare Co. will post 10.72 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm's stock in a transaction dated Thursday, September 5th. The shares were 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 in the company, valued at approximately $1,024,867.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction 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 sale, the director now directly owns 15,269 shares of the company's stock, valued at $2,234,465.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $1,024,867.44. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last three months. 0.93% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on THC shares. Deutsche Bank Aktiengesellschaft upped their price target on Tenet Healthcare from $150.00 to $155.00 and gave the stock a "buy" rating in a research report on Friday, June 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $168.00 price target on shares of Tenet Healthcare in a report on Monday, August 19th. JPMorgan Chase & Co. increased their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, May 30th. Citigroup upped their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a "buy" rating in a report on Thursday, July 25th. Finally, Baird R W upgraded Tenet Healthcare to a "strong-buy" rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $152.69.

Tenet Healthcare 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.