Huber Capital Management LLC Trims Holdings in Tenet Healthcare Co. (NYSE:THC)

Huber Capital Management LLC reduced its position in shares of Tenet Healthcare Co. (NYSE:THC) by 15.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,501 shares of the company’s stock after selling 1,900 shares during the period. Huber Capital Management LLC’s holdings in Tenet Healthcare were worth $1,397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in Tenet Healthcare in the second quarter valued at approximately $28,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter worth approximately $31,000. Blue Trust Inc. increased its holdings in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the last quarter. Rise Advisors LLC purchased a new stake in Tenet Healthcare in the first quarter valued at approximately $29,000. Finally, Capital Advisors Ltd. LLC boosted its position in shares of Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after buying an additional 319 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 over the last 90 days. Company insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on THC shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. The Goldman Sachs Group lifted their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Stock Performance

Shares of THC opened at $165.10 on Friday. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $167.29. The stock has a market capitalization of $16.13 billion, a P/E ratio of 6.41, a P/E/G 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. The company’s fifty day moving average is $153.09 and its two-hundred day moving average is $130.23.

Tenet Healthcare (NYSE:THC) last issued 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 during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, sell-side analysts predict that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare declared that its board has approved a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.