25,000 Shares in Tenet Healthcare Co. (NYSE:THC) Purchased by Resolute Capital Asset Partners LLC

Resolute Capital Asset Partners LLC bought a new position in shares of Tenet Healthcare Co. (NYSE:THC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 25,000 shares of the company’s stock, valued at approximately $3,326,000. Tenet Healthcare comprises about 1.9% of Resolute Capital Asset Partners LLC’s investment portfolio, making the stock its 20th largest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in THC. XTX Topco Ltd acquired a new stake in shares of Tenet Healthcare in the 2nd quarter worth $244,000. Optimist Retirement Group LLC purchased a new position in Tenet Healthcare during the second quarter worth about $243,000. Seven Eight Capital LP acquired a new position in Tenet Healthcare in the 2nd quarter valued at about $1,130,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Tenet Healthcare by 14.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 8,492 shares of the company’s stock worth $1,130,000 after buying an additional 1,091 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Tenet Healthcare in the second quarter valued at approximately $905,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $161.15 on Thursday. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company has a 50-day moving average of $151.20 and a 200-day moving average of $129.25. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $166.89. The firm has a market cap of $15.74 billion, a price-to-earnings ratio of 6.25, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results 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 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%. Analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has authorized a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Tenet Healthcare news, 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 sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on THC shares. The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. UBS Group lifted their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Robert W. Baird initiated coverage on Tenet Healthcare in a report on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price target on the stock. Finally, Raymond James boosted 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. One 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’s stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus 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.