Handelsbanken Fonder AB Grows Holdings in Tenet Healthcare Co. (NYSE:THC)

Handelsbanken Fonder AB grew its position in Tenet Healthcare Co. (NYSE:THC) by 16.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,618 shares of the company’s stock after purchasing an additional 3,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in Tenet Healthcare were worth $4,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of THC. Innealta Capital LLC purchased a new stake in Tenet Healthcare in the 2nd quarter worth $28,000. Rise Advisors LLC bought a new stake in Tenet Healthcare during the 1st quarter valued at approximately $29,000. ORG Partners LLC purchased a new position in Tenet Healthcare in the 2nd quarter worth approximately $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 buying an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Tenet Healthcare in the second quarter worth $34,000. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Trading Down 1.3 %

THC opened at $150.85 on Wednesday. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $171.20. 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 stock has a market cap of $14.74 billion, a price-to-earnings ratio of 5.85, a P/E/G ratio of 0.86 and a beta of 2.14. The stock’s 50 day moving average price is $158.11 and its 200-day moving average price is $135.88.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate 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, equities analysts forecast that Tenet Healthcare Co. will post 10.72 EPS for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on THC. Barclays lifted their price target on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. UBS Group boosted their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. The Goldman Sachs Group lifted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Truist Financial reiterated a “buy” rating and set a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Finally, 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 note on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $152.69.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 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 transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by company insiders.

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.