LMR Partners LLP lessened its stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 54.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,789 shares of the company's stock after selling 19,219 shares during the period. LMR Partners LLP's holdings in Tenet Healthcare were worth $2,624,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company's stock valued at $831,947,000 after purchasing an additional 790,684 shares during the period. 8 Knots Management LLC increased its holdings in shares of Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company's stock valued at $107,814,000 after purchasing an additional 438,033 shares during the period. Acadian Asset Management LLC increased its stake in Tenet Healthcare by 7,223.1% in the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company's stock valued at $43,385,000 after buying an additional 321,789 shares during the period. Farallon Capital Management LLC grew its holdings in shares of Tenet Healthcare by 70.1% during the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company's stock valued at $67,002,000 after acquiring an additional 262,600 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company's stock worth $52,718,000 after acquiring an additional 245,875 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Tenet Healthcare
In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of the business's stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,599 shares of company stock valued at $2,830,834. 0.93% of the stock is currently owned by corporate insiders.
Tenet Healthcare Stock Performance
Tenet Healthcare stock traded down $0.10 during trading hours on Tuesday, hitting $153.35. The stock had a trading volume of 819,178 shares, compared to its average volume of 1,216,962. Tenet Healthcare Co. has a fifty-two week low of $62.70 and a fifty-two week high of $171.20. The company has a market cap of $14.58 billion, a PE ratio of 4.90, a price-to-earnings-growth ratio of 0.70 and a beta of 2.15. The company has a 50-day moving average of $159.58 and a two-hundred day moving average of $147.46. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.
Tenet Healthcare (NYSE:THC - Get Free Report) last posted 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. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.44 earnings per share. On average, equities research analysts anticipate that Tenet Healthcare Co. will post 11.37 EPS for the current fiscal year.
Tenet Healthcare announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on THC shares. Raymond James upped their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 25th. Barclays lifted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. UBS Group increased their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their price objective 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, Royal Bank of Canada upped their price target on Tenet Healthcare from $174.00 to $183.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of "Buy" and a consensus price target of $170.38.
Check Out Our Latest Analysis on Tenet Healthcare
Tenet Healthcare Company Profile
(
Free Report)
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.
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