State of New Jersey Common Pension Fund D Lowers Holdings in Tenet Healthcare Co. (NYSE:THC)

State of New Jersey Common Pension Fund D decreased its holdings in Tenet Healthcare Co. (NYSE:THC) by 34.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,204 shares of the company’s stock after selling 17,777 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Tenet Healthcare were worth $4,417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after purchasing an additional 172,913 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after acquiring an additional 790,684 shares during the last quarter. Glenview Capital Management LLC lifted its stake in Tenet Healthcare by 12.8% in the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after acquiring an additional 877,180 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Tenet Healthcare by 16.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock worth $114,629,000 after acquiring an additional 212,185 shares during the last quarter. Finally, Greenlight Capital Inc. lifted its stake in Tenet Healthcare by 44.3% in the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock worth $99,448,000 after acquiring an additional 404,190 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on THC. Robert W. Baird started coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price target for the company. UBS Group raised their price objective 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. raised their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Finally, Citigroup raised their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $152.69.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $164.62 on Tuesday. The firm has a market capitalization of $16.08 billion, a P/E ratio of 6.39, a PEG ratio of 0.80 and a beta of 2.14. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $166.89. The company’s fifty day moving average is $150.68 and its two-hundred day moving average is $128.81. 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 (NYSE:THC) last issued 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 company had revenue of $5.10 billion for the quarter, compared to analyst estimates 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 10.7 EPS for the current fiscal year.

Tenet Healthcare declared that its board has initiated a share buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, 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 value of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, 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 value of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 128,203 shares of company stock worth $19,754,997. Corporate insiders own 0.93% of the company’s stock.

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.