First Eagle Investment Management LLC Sells 38,575 Shares of Tenet Healthcare Co. (NYSE:THC)

First Eagle Investment Management LLC trimmed its position in Tenet Healthcare Co. (NYSE:THC) by 25.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,030 shares of the company’s stock after selling 38,575 shares during the quarter. First Eagle Investment Management LLC owned approximately 0.11% of Tenet Healthcare worth $14,903,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Seven Eight Capital LP purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at $1,130,000. Vanguard Personalized Indexing Management LLC grew its position in Tenet Healthcare by 14.7% during the second 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 in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in Tenet Healthcare in the 2nd quarter worth about $905,000. Renaissance Technologies LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $27,454,000. Finally, Quantbot Technologies LP bought a new position in shares of Tenet Healthcare in the second quarter worth approximately $3,557,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the company’s 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 transaction, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on THC. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. UBS Group increased their target price on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Citigroup raised their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $161.15 on Thursday. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $166.89. The firm has a market cap of $15.74 billion, a P/E ratio of 6.25, a P/E/G ratio of 0.80 and a beta of 2.14. 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 firm has a 50-day moving average of $151.20 and a 200-day moving average of $129.25.

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

Tenet Healthcare declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

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.