Tenet Healthcare Co. (NYSE:THC) Position Trimmed by Virtu Financial LLC

Virtu Financial LLC cut its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 23.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,074 shares of the company’s stock after selling 2,720 shares during the quarter. Virtu Financial LLC’s holdings in Tenet Healthcare were worth $1,207,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of THC. Mirae Asset Global Investments Co. Ltd. increased its stake in Tenet Healthcare by 0.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after purchasing an additional 90 shares in the last quarter. Violich Capital Management Inc. raised its holdings in shares of Tenet Healthcare by 3.2% during the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after acquiring an additional 105 shares during the period. GAMMA Investing LLC lifted its position in shares of Tenet Healthcare by 17.0% in the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after acquiring an additional 106 shares in the last quarter. SummerHaven Investment Management LLC grew its position in Tenet Healthcare by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after purchasing an additional 115 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Tenet Healthcare by 93.0% in the second 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. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Up 2.7 %

Shares of THC stock opened at $161.15 on Thursday. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 6.25, 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. The stock’s 50 day simple moving average is $151.20 and its 200 day simple moving average is $129.25. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $166.89.

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

Tenet Healthcare declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

THC has been the topic of several recent analyst reports. The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 price target on shares of Tenet Healthcare in a research report on Monday, August 19th. Raymond James upped their price objective 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. Citigroup lifted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and an average target price of $152.69.

Insider Buying and Selling at Tenet Healthcare

In related news, 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 transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction on 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. Insiders sold 128,203 shares of company stock worth $19,754,997 over the last ninety days. Company 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.