Bleakley Financial Group LLC Trims Holdings in Tenet Healthcare Co. (NYSE:THC)

Bleakley Financial Group LLC decreased its stake in Tenet Healthcare Co. (NYSE:THC) by 95.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,403 shares of the company’s stock after selling 89,561 shares during the quarter. Bleakley Financial Group LLC’s holdings in Tenet Healthcare were worth $732,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Innealta Capital LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at $28,000. ORG Wealth Partners LLC purchased a new position in Tenet Healthcare during the third quarter worth approximately $30,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth approximately $31,000. Blue Trust Inc. grew its stake 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 acquiring an additional 120 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare during the second quarter worth $34,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Down 2.5 %

Shares of THC opened at $159.73 on Tuesday. 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 capitalization of $15.60 billion, a PE ratio of 6.20, a P/E/G ratio of 0.78 and a beta of 2.14. The company’s 50-day simple moving average is $159.94 and its 200-day simple moving average is $138.96. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly 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 business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Analysts forecast that Tenet Healthcare Co. will post 10.73 earnings per share for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

THC has been the subject of several research reports. UBS Group boosted their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Wells Fargo & Company boosted their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group boosted 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. Barclays lifted their price target on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Truist Financial raised their price objective on shares of Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and a consensus price target of $156.06.

Insider Buying and Selling at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

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.