Seven Eight Capital LP Makes New $1.13 Million Investment in Tenet Healthcare Co. (NYSE:THC)

Seven Eight Capital LP purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 8,497 shares of the company’s stock, valued at approximately $1,130,000.

Other hedge funds have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. increased its stake in shares of Tenet Healthcare by 4.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,829 shares of the company’s stock valued at $365,000 after purchasing an additional 221 shares during the last quarter. Norges Bank acquired a new position in Tenet Healthcare during the fourth quarter worth about $78,254,000. Wells Fargo & Company MN boosted its stake in shares of Tenet Healthcare by 2.1% in the 4th quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock valued at $11,745,000 after purchasing an additional 3,237 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Tenet Healthcare during the 4th quarter valued at approximately $549,000. Finally, CreativeOne Wealth LLC bought a new position in Tenet Healthcare in the 4th quarter valued at approximately $302,000. 95.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,203 shares of company stock worth $19,754,997. Insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

THC has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a report on Monday, August 19th. StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Truist Financial reiterated a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. Raymond James upped their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Wells Fargo & Company boosted their price objective on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One equities research 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 stock. According to MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Trading Down 1.3 %

THC opened at $165.10 on Friday. The company has a market cap of $16.13 billion, a P/E ratio of 6.41, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. The company has a fifty day moving average price of $152.47 and a two-hundred day moving average price of $129.74. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $167.29.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) 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 business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare declared that its board has approved 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 reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership 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.