DekaBank Deutsche Girozentrale Grows Stock Position in Tenet Healthcare Co. (NYSE:THC)

DekaBank Deutsche Girozentrale raised its holdings in Tenet Healthcare Co. (NYSE:THC) by 48.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,119 shares of the company’s stock after purchasing an additional 1,351 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Tenet Healthcare were worth $570,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of THC. Envestnet Portfolio Solutions Inc. boosted its stake in Tenet Healthcare by 4.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,829 shares of the company’s stock worth $365,000 after buying an additional 221 shares during the period. Norges Bank purchased a new stake in Tenet Healthcare in the fourth quarter valued at approximately $78,254,000. Wells Fargo & Company MN boosted its position in shares of Tenet Healthcare by 2.1% during the fourth quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock worth $11,745,000 after buying an additional 3,237 shares during the period. Quest Partners LLC acquired a new stake in shares of Tenet Healthcare in the fourth quarter valued at $549,000. Finally, CreativeOne Wealth LLC acquired a new position in Tenet Healthcare during the 4th quarter worth about $302,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Down 1.3 %

Tenet Healthcare stock opened at $165.10 on Friday. The stock has a 50-day simple moving average of $152.47 and a 200-day simple moving average of $129.74. The company has a market capitalization of $16.13 billion, a P/E ratio of 6.41, a PEG ratio of 0.80 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $167.29.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Equities research analysts expect that Tenet Healthcare Co. will post 10.7 earnings per share for the current 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 outstanding shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’s 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 transaction, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,203 shares of company stock worth $19,754,997. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Barclays raised their price target on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Truist Financial reiterated a “buy” rating and issued a $170.00 price objective (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Wells Fargo & Company boosted their target price on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Citigroup lifted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One equities research 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. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target 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.