Optimist Retirement Group LLC Invests $243,000 in Tenet Healthcare Co. (NYSE:THC)

Optimist Retirement Group LLC acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,823 shares of the company’s stock, valued at approximately $243,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in THC. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare in the second quarter worth $28,000. Rise Advisors LLC purchased a new position in Tenet Healthcare in the 1st quarter worth about $29,000. ORG Partners LLC purchased a new position in Tenet Healthcare in the 2nd quarter worth about $31,000. Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the period. Finally, Capital Advisors Ltd. LLC increased its position in Tenet Healthcare by 759.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after purchasing an additional 319 shares during the period. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $161.15 on Thursday. The stock has a market cap of $15.74 billion, a P/E ratio of 6.25, a price-to-earnings-growth 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 stock has a 50 day moving average of $151.20 and a 200-day moving average of $129.25. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $166.89.

Tenet Healthcare (NYSE:THC) last issued its earnings results 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. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. On average, analysts expect that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently commented on THC. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research note on Monday, August 19th. Citigroup upped their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. UBS Group increased their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Barclays upped their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $152.69.

Insider Activity

In related news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction 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 $2,234,465.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value 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 approximately $2,234,465.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,203 shares of company stock valued at $19,754,997. Company insiders own 0.93% of the company’s stock.

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.