Hancock Whitney Corp Cuts Position in Tenet Healthcare Co. (NYSE:THC)

Hancock Whitney Corp decreased its holdings in Tenet Healthcare Co. (NYSE:THC) by 11.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 34,373 shares of the company’s stock after selling 4,602 shares during the period. Hancock Whitney Corp’s holdings in Tenet Healthcare were worth $4,573,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at about $28,000. Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $29,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare during the second quarter worth $31,000. Blue Trust Inc. grew its holdings in Tenet Healthcare by 93.0% during 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 in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Tenet Healthcare during the 2nd quarter worth $34,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

THC stock opened at $165.16 on Friday. The stock’s fifty day moving average is $153.09 and its two-hundred day moving average is $130.48. 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 1 year low of $51.04 and a 1 year high of $167.29.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, research analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock 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 repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Tenet Healthcare 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 sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were 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 disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 in the last three months. 0.93% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on THC shares. Raymond James lifted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. upped their target price on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company upped their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company 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 issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $152.69.

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.