Intech Investment Management LLC Acquires Shares of 54,881 Tenet Healthcare Co. (NYSE:THC)

Intech Investment Management LLC purchased a new position in 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 firm purchased 54,881 shares of the company’s stock, valued at approximately $7,301,000. Intech Investment Management LLC owned 0.06% of Tenet Healthcare as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of THC. Norges Bank bought a new stake in shares of Tenet Healthcare during the 4th quarter worth approximately $78,254,000. Glenview Capital Management LLC boosted its holdings in shares of Tenet Healthcare by 12.8% in the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Tenet Healthcare by 11.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC bought a new stake in shares of Tenet Healthcare during the 4th quarter worth $44,412,000. Finally, Greenlight Capital Inc. grew its position in Tenet Healthcare by 44.3% in the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after acquiring an additional 404,190 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

Insider Activity

In related news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare 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 completion of the transaction, the chief executive officer now directly 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 can be accessed through this link. Also, 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 sale, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 over the last quarter. 0.93% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Truist Financial restated a “buy” rating and issued a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. UBS Group upped 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. JPMorgan Chase & Co. boosted their price objective on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Wells Fargo & Company increased their target price on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Barclays upped their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $165.10 on Friday. The stock’s 50 day moving average price is $152.47 and its two-hundred day moving average price is $129.74. The stock has a market capitalization of $16.13 billion, a price-to-earnings 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 52-week low of $51.04 and a 52-week high of $167.29.

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

Tenet Healthcare declared that its Board of Directors has authorized a share repurchase program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Tenet Healthcare Company 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.