Sivik Global Healthcare LLC Has $10.80 Million Position in Tenet Healthcare Co. (NYSE:THC)

Sivik Global Healthcare LLC cut its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 7.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,000 shares of the company's stock after selling 5,000 shares during the period. Tenet Healthcare accounts for 4.6% of Sivik Global Healthcare LLC's portfolio, making the stock its 3rd largest holding. Sivik Global Healthcare LLC owned 0.07% of Tenet Healthcare worth $10,803,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. KBC Group NV grew its holdings in Tenet Healthcare by 54.7% in the 3rd quarter. KBC Group NV now owns 5,698 shares of the company's stock valued at $947,000 after buying an additional 2,014 shares in the last quarter. Plato Investment Management Ltd bought a new position in shares of Tenet Healthcare in the third quarter worth $28,000. MQS Management LLC acquired a new position in shares of Tenet Healthcare in the 3rd quarter valued at approximately $227,000. Victory Capital Management Inc. increased its stake in Tenet Healthcare by 33.0% in the third quarter. Victory Capital Management Inc. now owns 300,148 shares of the company's stock valued at $49,885,000 after acquiring an additional 74,533 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Tenet Healthcare during the third quarter valued at approximately $674,000. Institutional investors own 95.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on THC. Cantor Fitzgerald increased their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Truist Financial reaffirmed a "buy" rating and issued a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They set an "overweight" rating and a $200.00 price target on the stock. Finally, Raymond James raised their price objective 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. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Tenet Healthcare has a consensus rating of "Buy" and an average target price of $165.35.

Insider Activity

In related news, EVP Paola M. Arbour sold 8,377 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the completion of the sale, the executive vice president now directly owns 21,426 shares in the company, valued at $3,342,456. This represents a 28.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard W. Fisher sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, 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. In the last three months, insiders have sold 25,976 shares of company stock worth $4,137,646. 0.93% of the stock is currently owned by insiders.

Tenet Healthcare Price Performance

Tenet Healthcare stock traded down $0.29 during midday trading on Thursday, hitting $162.64. 1,878,065 shares of the company's stock were exchanged, compared to its average volume of 1,216,586. The company has a market cap of $15.47 billion, a P/E ratio of 5.22, a PEG ratio of 0.73 and a beta of 2.15. 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 stock has a 50-day moving average price of $159.52 and a two-hundred day moving average price of $146.25. Tenet Healthcare Co. has a 52-week low of $57.65 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share 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 business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm posted $1.44 earnings per share. Tenet Healthcare's quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.