Mutual of America Capital Management LLC Sells 5,894 Shares of Tenet Healthcare Co. (NYSE:THC)

Mutual of America Capital Management LLC decreased its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,274 shares of the company’s stock after selling 5,894 shares during the quarter. Mutual of America Capital Management LLC owned about 0.09% of Tenet Healthcare worth $11,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Tenet Healthcare in the fourth quarter worth $78,254,000. Glenview Capital Management LLC boosted its position in Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after buying an additional 877,180 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after buying an additional 790,684 shares during the period. 8 Knots Management LLC bought a new position in shares of Tenet Healthcare during the fourth quarter valued at about $44,412,000. Finally, Greenlight Capital Inc. raised 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 buying an additional 404,190 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

THC has been the subject of a number of research reports. Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Raymond James raised their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 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. Finally, Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $152.69.

Tenet Healthcare Stock Performance

Shares of NYSE:THC 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. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 month high of $166.89. The firm’s 50-day moving average is $151.20 and its 200 day moving average is $129.25. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The business had revenue of $5.10 billion for 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%. Research analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current year.

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

Insider Activity

In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred 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 sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Over 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.